"TAP não sobrevive se se mantiver pública", garante Pinto Luz

[Dwer]

No Headline Call today due to the FOMC meeting. Bullish bias continues.

Trade Setup Summary for Monday, May 3, 2004:
Trade Summary:

1) B@1112.25/S@1115.75 +3.50

2)S@1115.75/ B@1114.00 +1.75

Total: +5.25

Recap of Monday's Action:
Good Morning. Due to todays's FOMC meeting there will be no Headline Call and no Live Updates on our Intraday Service.

We will have an abbreviated briefing for today.

Market was showing it's underlying bullish characteristics on Monday as suggested in our Headline Call. Here is a recap of what we saw in the live action on Monday.

"The S&P500 opened up about +3.00 points today, pulled back during the first half hour and then took off to the upside as expected with the Bullish Market Force prominent.

We got long at 1112.25 shortly after the market bottomed wanting to front run the BreakOut at 1114.50 which ended up being a succesful stategy.

We had expected the 1119.00 area to get hit so we held long. I had seen some signals in my 18 proprietary indicators that had changed and I alerted subscribers that 1118.00 may be all we get.

After a slight pullback from there I issued a signal to take profits and reverse and go short which we did at 1115.75. We took a +3.50 profit on that trade.

Prices reversed and we started tracking the lower moves using our Trailblazer charting method. I had pegged 1112.25 or slightly lower as a spot to look to cover the short but on that lower move. Prices ran down and tapped 1111.75 really quickly and bounced.

I had put out an alert to get ready to cover as that may have been the bottom of that move. Sure enough..they started bouncing and we covered em up at 1114.00 for a +1.75 profit on the trade.

Prices ran up to 1116.00 really quickly and we decided to call it a day.

The market staged a radical flip flop between 1110.50 and 1116.00 the rest of the day but seeing the lower lows get bought up each time with the powerful bullish Market Force underlying the action today as expressed in our Headline Call.

So on balance +5.25 on 2 trades for the day

Today's Call & Briefing:
No Headline Call or Live Updates today due to the FOMC meeting. The bias is still bullish so let's see how things pan out with Greenspan's comments today.

Stand aside in trading and we'll get back up to speed tomorrow.

Value Area: 1,112.70 - 1,117.30
Watch today for support and resistance.

Buy Pivot Target: 1,110.25 - 1,111.25
No trades at this pivot target today.

Sell Pivot Target: 1,119.75 - 1,118.75
No trades at this pivot target today. Prices could move as high as 1124.00 which is the +4.25 stop/pivot and beyond if things get really bullish as expected.

10 Day "Pit Bull" Moving Average: 1,124.90
This number is right at the Stop/pivot mentioned in the section above. Double resistance here but a good chance we could pop through this number or at least try to.

Pro Trader's Action
We will be standing aside today in the trading action like we always do on the FOMC meeting days.

Watch the various numbers for the reactions of support and resistance while taking notes on those. We can use that information on Wednesday's action to make our trades.

Thanks for joining with us and I'll talk to you tomorrow. All the best, Mohan