Market Analysis for May 11th, 2005

For today's Mid-Day Minute, Mike writes: My work argues that the spike low at 1158 this AM- into the Reuters story about the White House and Capital buidling evacuations- ENDED the corrective process off of last Fri.'s high at 1182.25, and that a new recovery upleg has commenced that should propel the index to new high territory in the vicinity of 1186.00. At this juncture, only a decline that breaks this AM's low at 1158 will invalidate my current outlook, and will indicate that the correction will extend into the 1150 area. For now, though, we are long, anticipating strength initially into the 1171-1172 next resistance target zone. MJP 05/11/05 1:25 PM ET (1167.00)

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