Market Analysis for May 5th, 2005

For today's Mid-Day Minute, Mike writes: Standard and Poors put the kabash on the equity indices about 30 minutes ago with its surprising (in timing only) downgrade of both GM and Ford, which has pressed the Qs from 35.92 to 35.58. Although this decline fits into the scenario my work mapped-out this AM, right now the underlying technicals are pointing still lower- towards a probe of or perhaps a breach of critical micro support at 35.40. A sustained break of 35.40 will neutralize my current scenario, which argues that after this pull- back, the Qs should rocket to new recovery highs at 36.00-36.10. Let's watch for a while longer before determining if a long position is warranted ahead of tomorrow's Employment Report. MJP 05/05/05 1:25 PM ET 35.55

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