Minimal Reaction

Maintain Current Positions

By Bryan Bottarelli
Wednesday, April 30, 2008 2:54 PM EDT
Wed, 30 Apr 2008 18:54:00 GMT

Dear Bottarelli Research Member,

As everyone expected, the Fed cut by a quarter point. And similar to every policy statement in the past, they cited continuing concerns on every aspect of the markets (inflation, credit, housing, est.) After the release of this statement, the markets haven’t really changed direction too much, so I’d like to remain in our current positions.

INDU

In my view, if today’s news can’t trigger a move past the 1,400 level on the S&P 500 (or past the 13,000 level as noted by the Dow chart above) then it really appears like the market is due for a short-term breather. And if this scenario comes to pass, I can’t help but think that’ll it will be bullish for gold. So be sure to maintain your ABX June 42.5 Calls (ABX FV) for an upside recovery on ABX.

Also maintain your speculative CLF May 145 Puts (CGJ QI) with a $5.80 sell,your SPY May 140 Puts (SFB QJ) with no pre-determined sell,and your AGU May 80 Puts (AGU QP) with a $5.50 sell into tomorrow.

Until then…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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