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SPY Pivots


The SPY's pivoted off of yest.'s pullback low at 126.01, and have rocketed to 127.33 so far today, in what looks like the beginning of a new upleg within the larger upside recovery rally that began at last week's low of 124.67. Yest. I had identified 126.60/20 as the likely target zone for the conclusion of the pullback. Today's strength confrms 126.01 as the low of the pullback, and the inaugural point of a new rally leg that should test and hurdle Fri.'s high at 128.43 on the way to 129.50/80. We will look to enter long positions into weakness to the 127.00-126.80 area in the upcoming hour(s). MJP 5/31/06 11:50 AM ET 127.20

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