Greece continues to be a major factor
Although we have a couple of economic announcements during the session that could move markets, without a doubt the situation is still the major driver of what happens. The markets will continue to be volatile, but we do see a couple of decent range trading type of opportunities at the moment.
S&P 500 offering support
Even though the S&P 500 has bounced around quite a bit, we believe that the market continues to find support at the 2040 level. Because of this, we are buyers of calls as we get close to that level. We look at this is a short-term trading opportunity only, but would be buying puts if we broke below the 2040 level, as it would be a very negative sign.
Gold markets bounce, remain volatile
Gold markets bounced off of the 1150 level, but remain very volatile. While we do believe that the 1150 will continue to offer support, quite frankly as this is an “anti-dollar” type of play, we could have a massive swings in one direction or the other based upon what goes on in Greece. We would be buyers of calls near 1150, but beyond that don’t have much interest.
FTSE falls, but does find some buying pressure near the 6400 level
The FTSE fell of course, but did find a little bit of pressure to the upside near the 6400 handle. Because of this, we are call buyers in that general vicinity but only for short-term opportunities. With fact, we believe that the market should continue to be very volatile in general, especially considering what’s going on in Europe.
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