With little moving the markets economic announcement wise during the session on Tuesday, it will be a fairly technical session. The one loan announcement will be the Reserve Bank of Australia having an interest rate announcement. Because of this, it’s very likely that this will be fairly quiet trading session.
DAX
German stocks initially tried to rally during the day on Monday but found resistance again at the €9800 level. This is an area that we’ve seen a little bit of trouble recently, and as a result it’s not until we break above there that the call buyers will be encouraged. Quite frankly at this point in time, it looks as if the put buyers may very well still be in control of the market even though we’ve had a nice bounce.
Silver
Silver markets continue to absolutely explode to the upside as we actually reached all the way to the $21 level during the day on Monday. We did get back about half of the gains but it’s obvious that the call buyers are in complete control it comes to the silver markets, and that silver could very well go much higher at this point in time. With this, pullbacks should continue to offer value that the bullish take advantage of.
USD/CAD
The Canadian dollar strengthened a little bit during the day on Monday, but quite frankly with the holiday trading liquidity issues in North America, there’s not a lot to read into this chart. It looks as if we may drift a little bit lower from here, but there seems to be a bit of support at the 1.27 level. Remember, the Canadian dollar is highly sensitive to the crude oil markets, moving inversely quite often from the WTI Crude Oil market.
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