Market Analysis for Sep 14th, 2004

For today's Mid-Day Minute, Mike writes of the QQQs: So far the action off of yesterday's high at 35.72 represents a very well contained, orderly and SHALLOW correction of the upmove from last Friday's pivot low at 34.14. This does NOT necessary mean that we want to plunge right back into the long side at current levels, but it does raise my sensitivity to the time factor underlying the minor rest-pullback in the Qs. For right now, my work continues to argue for additional backing and filling into the 35.20/.10 area at a minimum, and perhaps weakness that tests Friday's upside breakout at 34.85 prior to the emergence of the next powerful upleg to our next target zone in the vicinity of 36.50.

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