After about 2 hours of trading, the Qs continue to recover off of yesterday's low at 36.70 -- for far to a high of 37.11 -- perhaps on the way to 37.20/.30 prior to my expectations of a downside pivot reversal that triggers the resumption of the stair-step downtrend off of the June 3 peak at 38.83. We will be patient for a while longer as we await an opportunity to re-enter new short positions.

MJP 6/28/05 11:50 AM 37.05

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.