EUA chegam a acordo com a UE para tarifas de 15%

[Dwer]

No Headline Call today due to Options Expiration. Market is moving towards lower goal of 1102.00 as Bear Market Force continues.

Trade Setup Summary for Thursday, July 15, 2004:
B@1109.50/ S@1112.00 +2.50

Recap of Thursday's Action:
Good Morning.

No Headline Call or Trade Recommendations today as it is Options Expiration. We stand aside on these days each month and let the market sort itself out amidst a variety of option strategies being lifted and implemented today.

We managed to score a few points on Thursday. Here are my closing Wrap Up comments from our Live Update Service.

"The market opened slightly higher today up about +2 handles and pushed higher. The Bearish Market Force we've identified on the Morning Call then kicked in and prices dropped down to 1108.50 on the lows.

Based on the way I was reading the charts and tape we wanted to get long for a move back up towards 1116.00. We got long at 1109.50, the market pushed a bit lower but held 1107.00, and then we started pressing higher with strong buying coming in.

I had posted on the updates that I was considering Reversing and going short and had 1115.50 pegged as a target to do that.

Well, unfortunately they hit 1115.00 and fell back some finally pushing below 1113.00 which was target support for another attempt higher. It was "No Mans" land there and I knew we didn't want to wait for another move up but I didn't feel totally comfortable shorting so we just got out at 1112.00 with a +2.50 profit.

Just minutes after we got out the market got slammed hard down to below 1110.00 on a fast spike drop so it was a good move to get out.

In Hindsite wished I had gotten short above 1114.00 as I had seen the lower move coming but wanted to hold the trade out to fruition.

REMINDER: NO LIVE UPDATES TOMORROW DUE TO OPTIONS EXPIRATION DAY. Have a good evening and weekend.

Today's Call & Briefing:
No Headline Call and No trading recommendations today.

Market continues to show strong bearish Market Force in the later session.

As we approach 1102 we will be looking either for a bottom with support coming in and reflex rallies showing strength THAT HOLDS UP ...or we will have new lower support numbers if our Market Force indicators are looking for that.

Will update on later Sunday Night/ Monday Morning with this research after today's numbers get crunched.

Have a great summer weekend.

Value Area: 1,108.30 - 1,113.70
Watch for resistance at 1108. If prices climb back into the VA then 1114.00 will be expected to hold prices back. Support rallying back to 1114 and hanging up there confirms the bottom is in for a larger scale upside reversal. It does not appear that we are quite ready for this however.

Buy Pivot Target: 1,099.50 - 1,100.50
Watch for strong support and below at 1095.25 for stronger support.

Sell Pivot Target: 1,111.00 - 1,110.00
No trade at this pivot today. Watch for prices that rally back here to hang up and create a "line in the sand". If so we are most likely bottomed out and headed higher if this occurs here.

10 Day "Pit Bull" Moving Average: 1,115.10
Pit Bull is closing in fast on current trade levels. We could be Crossing Over soon to the Buy side. Maybe Monday or Tuesday IF we get the support coming in today.

Pro Trader's Action
It's been a good week with nice range and volatility coming back strong on Wednesday and Thursday after anemic Monday and Tuesday.

We need the volatility...it's the lifeblood of the S&P500. Good range helps too. LOL. Have a great weekend and we'll look forward to the action next week.

All the best to you and your family this summer. Mohan

Economic Calendar