Market Analysis for Nov 3rd, 2004

After being away Mon & Tues, here is Mike's Mid-Day Minute for today. He writes: As the E-SPZ & QQQs get a bit sloppy (but not bearish) during the 2 PM- 3 PM (ET) hour- inversely tied to the recovery rally in crude oil prices (no surprise there, right?), have a look at my updated weekly chart analytics of crude oil.

In addition, regarding the QQQs, as long as the Q's do NOT break below 37.00, current weakness represents the "filling of this AM's enormous up-gap opening" (37.18-37.70), which is a "normal technical event," unless of course, the entire gap is filled and prices either cannot rally or continue directly lower-- in this case below critical support at 37.00.

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