Market Analysis for May 9th, 2005

For today's Mid-Day Minute, Mike writes: Yes, I see the action in oil, and yes, I see that there appears to be no selling pressure in the E-mini June S&P... at least not yet. Have a look at my updated chart analytics of the oil vs. the e-SPM, which shows the extent of the counter-trend rally pattern carved-out by the index since mid-April. The magnitude of recovery rally, or counter-trend patterns are extremely difficult to gauge... but my work is telling me that in the upcoming hours, the e-SPM will peak and pivot to the downside with some power and sustainability-- the only question is from what level. Right now, I am only willing to risk slightly more than Friday's high at 1182.25.

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