Market Analysis for Sep 22nd, 2005

Heading into the final 35-40 minutes of trading, the e-SPZ is holding near its intraday high at 1222.75, but will it finish the session "up there?" Or will it give up ahead of the overnight session- replete with the uncertainties of the path and strength of RITA? Although my work pointed to a recovery rally that COULD climb to 1224-1225, I would not be surprised to see the intraday bulls cash in their chips ahead of the futures close. After all, the risks of a Katrina-like devastation and fallout in the energy sector still remain a high probability. Purely from a technical perspective, a break below 1217 will argue that the upmove is kaput. MJP 09/22/05 3:35 PM ET 1221.00/25

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