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[Dwer]

No Headline Call today due to Options Expiration

Trade Setup Summary for Thursday, November 20, 2003:
Sell 1041.25 or higher/ Cover the short for up to +10 points.

*BreakOut Sell held all day and later market collapsed into the close.

Recap of Thursday's Action:
Good Morning and thank you for joining with us today on the Morning Call.

We had some fun on Thursday as the market gapped lower early cleaning out the excess bulls we mentioned in our briefing and then simultaneously rallied up off those lows as we had also suggested a lower opening would do.

Upon hitting the BreakOut as the first Hour One pivot our instructions were to go ahead and Sell the BreakOut again. We had clearly mentioned though that the pullback would most likely not occur until mid trading session or as late as after 1:30-2:00 est.

This is what we got as the market held above the BreakOut most of the early session and then later started moving lower going into the final 2 hours of trading.

We ended up getting a strong squash to the downside as the market caved in under the rather negative news piling up. After a very patient and brave hold short we finally got some nice points going as they hit the support at 1039 and then proceeded to move back to the early opening lows. The lows came in at 1031.50 just a few ticks from our described strong support at the Buy Pivot target minus the 4.25 stop/pivot at 1030.75. One tick lower would have been exactly 10 points from the BreakOut price of 1041.25.

You gotta love how these TCF numbers correlate together.

Today's Call & Briefing:
Today is option expiration day and we do not make Headline Calls on these days and therefore no TCF Trade setups are recommended.

Our Bias is still for lower prices in an attempt to fufill that 1021 first goal.

If we get an early crunch lower then we would expect prices to stabalize and move higher on the day. On any higher opening and early push up in prices we would expect the downward pressure to continue until the lower goal is fufilled.

Value Area: 1,032.80 - 1,042.00
Let's monitor this zone for support and resistance today.

Buy Pivot Target: 1,027.00 - 1,028.00
No Trade at this target today.

Sell Pivot Target: 1,041.75 - 1,040.75
No Trade at this target today.

10 Day "Pit Bull" Moving Average: 1,045.60
Prices have moved solidly below the Pit Bull and as such we can now expect rallies to keep getting hit lower until we Crossover again to the upside of this Pit Bull number.

Pro Trader's Action
No Trades today due to Option Expiration. That doesn't mean the TCF setups won't occur but we just don't trade the action on OE due to the different trading patterns of these days.

It was a rather radical week with the first 3 days providing some real challenges. Thursday turned out to be a more or less regular TCF setup that panned out however the stored volatility of the 2 previous days convoluted pattern was unleashed during the last 2 hours of the session. This gave us a wilder than usual (as of late) ride.

Again, I am still confident we can get these ranges opened up a bit more as traders are drawn back into the markets. The last 5 sessions are definitely showing some improvement along this line which is nice.

Have a great weekend and all the best to you and your familiy who supports you in your trading business. Will look forward to updating you late Sunday evening/ early Monday. Mohan