Heading into the final hour of trading, my work argues that Mon.'s low in the QQQQ at 41.39 ended the pullback from the 4/07 high at 43.05. Furthermore, if the rally from Mon.'s low at 41.39 started a new upleg (as my work suggests), then the initial phase of the upleg ended this AM at 42.82. And if that is correct, then all of the action off of this AM's high at 42.82 represents a minor pullback (perhaps incomplete) ahead of another thrust that should propel the Q's to new 2006 highs above 43.31. Right now, any forthcoming weakness should be contained in the 42.20/10 area ahead of the expected next rally effort. Only a plunge that breaks Mon.'s low at 41.39 will wreck the overall bullish pattern. MJP 04/20/06 2:50 PM ET (42.51)
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