Market Analysis for Nov 9th, 2004

After surging above key micro resistance at 37.90-38 this morning on oil-related weakness, the QQQs reversed from 38.13, or 4 cents below Friday's high at 38.17, and have since pressed into a test of key support at 37.80. If broken at 37.80, we should expect additional weakness that presses the Qs to test the prior significant low at 37.61 -- perhaps on the way to 37.40/.20 prior to the initiation of another potent upmove. It is into this weakness that we will be looking to establish new long positions. We have no desire to be short here.

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