May 19th, 2010 Posted in Uncategorized

"Based on yesterday's action, it's safe to assume we'll have an up morning. As I write this ES M10 and TF M10 are trading higher at and 1144.25 and 704.00 respectively, despite a terrible Housing Starts report. I think WMT is the main catalyst here, again despite terrible forecasts. But as I stated yesterday, we're still in a correction and I'll still be looking to sell rallies until the correction is over. " (Pivot for Profits 05/18/10)

Good Morning Traders

Before I go breaking my arm patting myself on the back, I have to admit a big part of being right when trading is recognizing current market conditions. For those of you following along, you know that I recognized the change in the bullish uptrend on May 3rd, when I called the latest rally over.

Now we're in the middle of a correction in equities. Actually I'm not sure if it's the middle, beginning or what but I do know equity markets are correcting and there are no signs of that reversing.

That being said, there that doesn't mean you can't make money to the upside when index futures are trading lower like they are this morning. I'll be using a counter-trend trade strategy today.

If you have questions or comments regarding my commentary, trading ideas or numbers below, feel free to contact me via email at ruria@manducatrading.com or toll free at 866.312.4965.

Happy Trading - Rob

Daily Pivots	5/19/10
EQUITIES	R2	R1	PIVOT	S1	S2
ES M10	1159.17	1138.58	1126.92	1106.33	1094.67
YM M10	10785.33	10635.67	10548.33	10398.67	10311.33
NQ M10	1953.83	1920.42	1898.58	1865.17	1843.33
TF M10	716.43	699.47	689.63	672.67	662.83
ENERGIES	R2	R1	PIVOT	S1	S2
QM N10	76.38	74.57	73.38	71.57	70.38
QG M10	4.56	4.46	4.38	4.27	4.19