Market Analysis for Mar 4th, 2005

For today's Mid-Day Minute, Mike writes: When I commented to our subscribers much earlier that I did not have much of a directional conviction, well, I did not expect that the Qs would "flatline" for the next 5 hours, which leaves me still devoid of any real conviction on price direction. At this juncture, we have to continue to lean towards additional upside, if only because the Qs have not located any selling pressure in the 37.70/75 area, which argues for another test and likely hurdle of 37.75 on the way to a test of the Feb.-Mar. resistance line at 37.88/90. Only a decline that breaks 37.45 will invalidate the upside potential, and will point the Qs to 37.25. MJP 03/04/05 2:55 PM ET (37.59)

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