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[Dwer]

Market Force: Caution on both sides. Hard downside move possible today if High 5 get Ugly. Wild Card is the FOMC meeting Today and Wednesday. Market continues today to be in an unsafe trading environment without clear bias.

Trade Setup Summary for Monday, August 9, 2004:
S@1066.75/ B@1067.75 -1.00

Recap of Monday's Action:
Good Morning and Welcome to Tuesday's trading action.

We came in Monday looking to be cautiously bullish especially if the market opened lower and ran lower early.

What we got was a flat to slightly higher opening and after the first hour of trading prices tried to make a run for the BreakOut above the Hour One high.

With that type of setup we made a move to get short looking for lower prices to come into play first. What we ended up with on Monday was a very quiet, range bound type market as traders try and sort everything out to make sense of where we are heading.

Here are my brief Wrap Up comments on the days trade.

"Not much going on today with the market trading in a tight 3 point range most of the day not being sure of which way to move.

We got short as prices moved through the Hour One high and pulled back at 1066.75. We waited for hours as prices drifted lower then moved up near the days high at 1068.00 again.

Due to the nature of today's trading I had put out a post with prices trading around 1066.00 that if we ran back up over 1067.50 and held up there we would just cover the short and cut our risk.

This is what occured as prices made a spike move higher after 2:00est towards 1068.50 and we were able to cover the short at 1067.50 for a -1.00 loss. Into the close prices drifted lower but still within this tight range."

Today's Call & Briefing:
Similar to yesterday we are going to want to be very cautious with trades put on. The bias is not entirely clear due to the 2 hard days down, the absence of a bounce of any significance and the hard speculation on both sides as to what the Fed will do with interest rates.

We will be looking to wait until later in the session to see if anything emerges but would rather not get caught up in a dead, low range session like Monday.

The one thing to watch for today is the possibility of one more hard, washout type price drop with a mega bearish High 5.

The question remains...will this occur BEFORE any announcement about interest rates?

Without a hard move to the downside today prices are expected to gradually rise into the close.

Value Area: 1,065.00 - 1,067.80
Small VA range. Another precautionary reading. Watch for prices holding above 1068.00 to be mildly bullish.

Buy Pivot Target: 1,062.00 - 1,063.00
No Trade at this target. We will make some observations about this area on the Live Update Service.

Sell Pivot Target: 1,068.00 - 1,067.00
No Trade at this target but we will make some observations on the Live Update Service.

10 Day "Pit Bull" Moving Average: 1,089.50
We are in a SEll RALLIES mode with the Pit Bull and will look to keep selling any rallies that are above the normal BreakOut range and Sell Pivot targets unless the High 5 are Mega Bullish suggesting a temporary turn around.

Pro Trader's Action
We are looking for an early washout in prices which could be a possible buying opportunity going into the close .

But based on all the above Cautions this is a risky trade unless we see all the Trailblazer patterns and price washout symptoms occur at the time of the lower move.

If prices just go flat again like Monday then we just want to keep our powder dry for tradeable days and not these Las Vegas dice roll type trading days.

Just be patient and willing to wait for days with clear bias, no FOMC reports in front of the trade, and our exact setups where we can project profits and stops.

We may be looking to buy today if we get an early washout low that is NOT accompanied by a Mega Bearish High 5. We would look for an early low to find support and gradually rise into the close.

Good Luck today, be extra willing to stand aside, and watch the numbers as we may get some action. Mohan