Portugal e outros 13 países assinam posição conjunta contra Política de Coesão centralizada

[Dwer]

No Headline Call today due to ROLLOVER to March S&P500 Contract. All futures traders should now be using the March 2004 contract to trade.
Trade Setup Summary for Wednesday, December 10, 2003:
We stood aside in trading the BreakDown today as recommended in Wednesday's briefing.

Recap of Wednesday's Action:
Good Morning and thank you for joining with us today.

On our Headline Call we were looking for the market to sell off on Wednesday. We had noted how there was a particular phenomena in regards to the market selling off in the current environment in relation to the next day rollover.

This is exactly what we got on Wednesday along with the lack of clarity on the BreakDown for buying or selling. We had alerted you to this strong possibility and it occured like clockwork.

You can see how the Sell Market Force is prevalent right now but there is no real opportunity to get in a good trade. Plus, there is no real range to speak of even with the sell off. Granted, we did get within 2 ticks of the BreakOut which would have been a good spot to get short had it set up.

Anyway our recent posts today on the "Ask Mohan" section seemed rather telling in that we had more or less described how it can seem frustrating when you "miss" a move that occurs from a Pivot missed by a few ticks. So this was good practice today for us in regards to that post and learning detachment in the markets.

You can only try to demand perfection from yourself in trading the markets but never from the markets themselves. They will always appear divorced from your most cherished desires and that is why really excellent trading requires a proven system. In this way you are not left to your own inexperienced devices to gradually erode your account based on your so-called "gut feel" (what I call "guessing") trades.

Psychology is the key element in trading the markets not only in positioning oneself on the correct side of the trade but in remaining peaceful in the midst of the constant emotional storm of the trading action. If you are serious about the long haul in this business there is no other alternative then getting the proper trading mind set organized.

The market hit the B/D today first, moved about 4 points higher to miss the B/O by 2 ticks, fell back to the B/D and proceeded to move lower punching below the lows of the week and fufilling our Headline Call.

We had suggested 1063.00 as being strong resistance and that was the B/O high of the day which prices backed off from after approaching earlier.

Today's Call & Briefing:
No Headline Call or TCF trade recommendations today. Let's just sit tight during Rollover, get our new charts adjusted and let the rollover complete itself.

Value Area: 1,058.00 - 1,061.80
We can observe this area for support and resistance today.

Buy Pivot Target: 1,054.75 - 1,055.75
No Trade at this pivot target today.

Sell Pivot Target: 1,064.75 - 1,063.75
No trade at this pivot target today.

10 Day "Pit Bull" Moving Average: 1,063.80
We had pushed strongly lower below the Pit Bull on Wednesday only to see prices come leaping back after the close. This is EXACTLY what I have been talking about with this Sell Market Force being prominent in our TCF indicators BUT with this strong underlying Holiday Bullishness waiting in the wings to buy the drops. Ho Ho Ho.

Pro Trader's Action
Today we are going to let the Rollover to March 2004 contracts do their thing while we stand in "position neutral".

Just keep reminding yourself that there will be hundreds of days next year in 2004 to catch the TCF setups on clear days where all the traders are involved and there is strong Market Force to give us our 6-8-10 point moves.

Have a great day and I will do an update in the morning. There is a strong chance that we will be standing aside again tomorrow but I am not sure yet about this.

All the best of success in your trading. Mohan