Today the Qs came within 13 cents of our stated target zone of 43.30 to 43.60. With the expectation that this zone would not be penetrated on the first try, a pullback should be no surprise, although the timing has been difficult to pin down. One thing that is surprising is how quickly the McClellan Oscillator is moving to an oversold condition moving down ahead of the market just as it did in August. This would seem to indicate that the pullback will be of a short duration.
We would expect the August highs to hold as support if that level is even tested. The 38.2% RT of the September rally is 41.59, not very far away.
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