April 16th – Today's Trading Tips & Market Analysis

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1 – The FTSE broke above the 7100 level during the session on Wednesday, breaking above significant resistance. We believe that the FTSE continues to go much higher, and as a result we are call buyers at this point. We think pullbacks will also offer value, as the market continues to grind its way higher. We have no interest in buying puts, as the FTSE continues to perform quite nicely.

2 – The AUD/USD pair will be in focus during the session as the employment numbers of course come out of Australia. This of course can move the market drastically, especially if the jobs numbers are particularly strong. However, we think that any rally will be a put buying opportunity as the longer-term downtrend is very much entrenched at this point in time. We also buy puts on breakdowns below the recent lows over the last several sessions.

3 – Looking over at the S&P 500, you can see that the market is pressing up against the downtrend line that has been so resistant. If we can get above the 2110 level, we are buyers of calls as we believe the market will then be free to go much higher. Any pullback at this point time should find support though, so really at this point time we have not been buying puts under any circumstance.

4 – Gold markets initially fell on Wednesday, but found enough support at the 1190 level to turn things back around and form a slightly positive candle. Ultimately though, we believe that this market cannot be traded for anything more than short-term trade in general. If we can get above the $1200 level, we would be buyers of calls for a quick $10 move.