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[Dwer]

Market Force: Bullish (Caution). Market is expected to be bullish going into Monday as long as prices hold above 1135-37.00 zone.

Trade Setup Summary for Wednesday, June 30, 2004:
No Trades taken on Wednesday due to the FOMC meeting.

Recap of Wednesday's Action:
Good Morning and welcome to Thursday's action.

We stood aside in trading on Wednesday like we always do during the FOMC meeting interest rate announcement days.

We are looking for some trading action to occur on Thursday but will be very willing to stand aside if the market goes quiet and there is not much volatility or range going on.

We will not be offering a Headline Call or Live Trade Updates on Friday as we are expecting light volume as all the larger traders and institutional traders take off for an early weekend.

Today's Call & Briefing:
I am cautiously bullish rolling into the weekend, end of the month traditional bullish 4th of July weekend.

The Market Force indicators are suggesting that we are in an aberration on the Sell Mode, the market is refusing to move lower, and we should plan for a run up to the first goal of 1162.00.

Unless we start pulling back below 1132.00 and then 1128.00 this aberration should continue for at least through next week. I have put the CAUTION warning there because of the recent fickle, Limbo nature of the market. We have to honor that things have not been functioning as they usually do and keep a Cautious stance.

For today here is what we want to look for:

Watch for an early pullback in prices to be Bullish for the market into the close. If we get an early drop with the High 5 holding a neutral or slightly bullish position then we can look to buy the early drops at the appropriate pivot signals.

There is a good chance that we could get a full on BreakOut Buy thrust today higher. If that is going to happen it would probably be today.

If we get a strong thrust higher EARLY then we want to be careful that the pattern continues after 1:30 est. I will be posting updates all day on the Live Update Service.

Value Area: 1,137.20 - 1,144.40
Trade that moves above 1144.50 is bullish and is expected. If we rally above this zone but then pull back into the Value Area watch for support at 1137.00 to hold to continue the aberration on the Sell Mode.

As mentioned above our first goal up is 1162.00

Buy Pivot Target: 1,134.25 - 1,135.25
Look for early drop down to this area to be bullish. We will be looking for Trailblazer formations in this zone AFTER THE FIRST HOUR OF TRADING HAS FINISHED.

I don't want to jump on this pivot before the first hour but if we see prices hovering lower down here after Hour One then we can look to get long for a rise into the close.

Sell Pivot Target: 1,145.50 - 1,144.50
Watch this area and especially 1149.75 (+4.25 stop/pivot) as an area that we should be able to move through IF the High Five is bullish.

10 Day "Pit Bull" Moving Average: 1,135.80
As long as we hold above this zone we are going to be bullish heading into next week.

There is an underlying desire in the market to move higher and start to feel more positive with at least the perception or pretense that the Iraq situation is gradually going to be behind us.

It appears that there will be an attempted string of "good news" to be released as we move into the November voting period. Especially watch for the "surprise" capture of Bin Laden as we close in on October to influence markets.

Pro Trader's Action
We still have a light week of trading with today being our last trading day of the week.

Circumstances had the FOMC meeting on Wednesday and the 4th of July holiday coinciding this week.

Market shrugged off the .25 interest raise and pushed higher which is a bullish sign.

Let's see if we can keep it up as we move into next week as well as in finishing off this week. We are in an aberration on the Sell Mode and we have to give that the benefit of the doubt which would suggest rising prices.

At the same time we have to keep CAUTION in the forefront too as we have had a very Limbo trading period.

Would love to see the bullish action kick in and the signs are there so we want to be on top of it.

All the best of success in your trades today and I'll be there in the action if we get any. Mohan