MID-DAY MINUTE BY MIKE PAULENOFF


Jun 2, 2008

 


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#9518 Jun 2, 2008

MID-DAY MINUTE BY MIKE PAULENOFF:

By Mike Paulenoff, \Today'sstrength in the QID (weakness in the Q's) has left behind a pullback low onFriday at 37.06 that has the look of the secondary low of a potential DoubleBottom with the 5/19 low at 36.84. The top of the "W" pattern residesat a Double Top of 40.93 (5/07 & 5/23), which the price structure appearsto have started to travel towards this morning. Actually, I am viewing the40.00-41.00 area either as the "upside breakout plateau" or the"ceiling" on the developing pattern. Based on my near- andintermediate-term work, by the end of the week the QID should provide us withclues about the efficacy of the emerging Double Bottom. ��



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