Daily Minute with Mike Paulenoff for January 18

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By Mike Paulenoff | Published 01/18/2006 | Stocks | Unrated

Daily Minute with Mike Paulenoff for January 18

The 2:00-3:00 p.m Eastern Time hour has started a recovery rally within an otherwise bearish profile for the session. We have to wonder if the rally is sustainable into the closing bell ahead of earnings announcements from EBAY and AAPL among others. We should not be surprised to see some long side liquidation ahead of the bell to protect against a repeat massacre from yesterday evening. Let's take a look at the big picture of the SPX. Heading into the final hour of trading, the Q's are attempting to turn up off of key support at 42.50, and ahead of this afternoon's earnings report on INTC, IBM and YHOO.

MJP 01/18/06

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.

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