I dont know - works for me. If I manually start the spread-sheet I get a little tiny dialog box (like this) asking me for the password:

 Code:
--------------------------
'sheet.xls' is protected

Password: [             ]
--------------------------


If I run the script above and change $password to be the correct password - no prompt and the spreadsheet just updates itself.

Can anybody else try (make sure to have a sheet called "Tuesday" in your workbook and set the password from Tools->Options.