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SPY Rallying


Heading into the final two hours of trading, the SPY's are rallying off of a test of yest.'s low at 124.67. At this juncture, only continued strength that hurdles the prior intraday rally peak at 126.75 will trigger important buy signals that will argue against another last hour reverse and capitulation. And although my work certainly shows the requisite underlying oscillator conditions to support a potent recovery rally-- in this brutal tape, we will believe it when we see it! MJP 5/24/06 2 PM ET 125.73

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