Today's failure of the Qs to hurdle and sustain above 38.10, followed by a reversal back below 38, leaves a pattern off of Wednesday's low at 37.25 that has the look of a completed recovery phase ahead of another downleg that should retest Wednesday's low on the way to the 36.60 area.

MJP 6/17/05 1 PM ET (37.90)

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