Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Q's Breaking Down?


The BIG picture of the Q's could prove to be very interesting now. Let's notice that yest.'s spike tonew recovery highs at 42.92 hurdled the Jan.-Oct. resistance line, which appeared to unleash new buying that should propel the price structure above both prior 2006 highs at 43.05 (Apr.) and 43.31 (Jan.). Instead of today's action extending and acceler- ating off of yest.'s "upside breakout," the weakness has pressed the Q's back below the upside breakout point of 42.50, and could be about to threaten to break below yes.'s low at 42.22-- which would be "tech- nically significant" from a near term perspective. With 2 hours remaining in the session, on a Friday, amidst a powerful uptrend, let's not jump to conclusions just yet. Suffice it to say, however, that a CLOSE below 42.50 will be considered negative, while a CLOSE below 42.22 will be considered damaging. MJP 10/13/06 2 PM ET (42.35)
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!