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[Dwer]

No Headline Call today due to FOMC meeting. Market Force is Neutral/Bullish as traders await FOMC interest rate announcements.

Trade Setup Summary for Tuesday, June 29, 2004:
S@1137.50/B@1137.50 Break Even scratch on the trade.

Recap of Tuesday's Action:
Good Morning,

Today is the FOMC meeting where interest rate adjustments will be announced. We normally stand aside on these days and let the market react to the adjustments while we avoid the usual whipsaws on the price action.

The market is very, very neutral right now with a tinge of bullish bias. We traded on Tuesday but things were very thin. Here are my closing Wrap Up comments from our Live Update Service.

"In today's market I was mostly interested in buying a lower early drop in prices after the first hour of trading.

Instead we got a flat opening and an immediate higher run up to 1135 area.

After observing the prices it was determined that we could go short near the Hour One high around 1137-38.00. We got the short signal and made a recommendation to go short at 1137.50 near the start of the Noon hour in New York.

The market pulled back after some time to the low of that period of the session at 1134.75/1135.00 and then made a quick leap back up to the 1137.50 price area.

From my floor contacts I understood that it was mostly locals trading back and forth so I made the decision to just cut the trade at Break Even at 1137.50.

The rest of the day bounced in a 2 point range. No trades tomorrow due to the FOMC meeting. Talk to you on Thursday Morning."

Today's Call & Briefing:
No Headline Call today and no Live Update trade recommendations.

Watch all the key levels and especially as interest rate adjustments are announced. Bias is slightly bullish but mostly range bound neutral is expected.

Value Area: 1,134.80 - 1,137.00
Watch for support and resistance.

Buy Pivot Target: 1,132.00 - 1,133.00
No trade at this pivot today.

Sell Pivot Target: 1,139.00 - 1,138.00
No Trade at this pivot today.

10 Day "Pit Bull" Moving Average: 1,135.10
We are stalled just beneath the Pit Bull now yet cannot break below the important 1132-34 zone which reestablishes the Sell Mode. We are also not fully in an aberration on the Sell Mode which would get us long. Prices and indicator modes are stalled ...plain and simple.

Pro Trader's Action
We will stand aside today and just watch the action unfold. The best place to be is in "Position Neutral".

Don't Worry...we won't "Miss" anything except the whipsaw. We like to trade clear setups where we can place a tight stop that we expect won't get hit. This is how you preserve capital in S&P500 trading (#1 important aspect) and build the account over time.

Live Updates will resume Thursday Morning but with the large traders cutting out on Friday early (and us standing aside on that day) not sure how Thursday will look.

We have a slightly bullish bias coming into the end of the month as traditional.

All the best of success. Mohan