Greece continues to push the markets
Greek debt fears will continue to push the markets in general, so as a result it’s likely that the market will have a sudden move from time to time that can shake a lot of the “weak hands” out of the marketplace from time to time. However, if you follow certain themes, there are trading opportunities out there.
Gold markets rally, face resistance above
We believe that the gold markets rallying during the session on Thursday will probably fade a bit as the 1170 level begins the next consolidation above which of course will be quite choppy. With that, we are looking for some type of resistive candle in order to start buying puts, but recognize that any trade will be short-term induration.
CAC rises during the session
The Parisian index had a nice bounce during the session off of the €4600 level, and we now believe that the CAC will continue to go higher, but also recognize that it will be choppy. If we can get above the €4800 level, the market should continue to go higher and head towards the €4900 level, and then of course the €5000 level. We believe that pullbacks should offer call buying opportunities as well, as we think the €4600 level should offer a bit of a “floor” in the Parisian index at the moment.
GBP/USD bounces slightly during the session on Thursday
The British pound bounced slightly during the session on Thursday, but we need to get back above the 1.55 level in order to feel comfortable buying calls. We have no interest in buying puts though at the moment, as the market seems to be coming close to fairly significant support. In fact, we have no interest whatsoever in buying puts until we get below the 1.52 level.
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