We have a handful of announcements on Monday that could move the market, but they are all of the Manufacturing PMI variety. Germany, the United Kingdom, and the United States all releases figures, so it could be a reasonably active trading day.
WTI Crude Oil
After initially dipping on Friday, the WTI Crude Oil market continued to find buyers and it now looks as if the $50 level is offering a little bit of support. Call buyers should be interested in buying pullbacks. Put buyers have capitulated over the last 24 hours, so the market looks as if there is quite a bit of bullish pressure built up.
Silver
Silver markets continue to find the $18 level supportive, and currently it appears the call buyers are willing to step back into this market every time we get close to that level. At the $18.50 level above there was significant resistance last time we got there, so that’s probably the target that they are looking for.
USD/JPY
The USD/JPY pair initially tried to break above the 112 level but found enough resistance there to turn things around slightly. Because of this, call buyers may have stepped away. A breakdown below the bottom of the range for the day could attract more put buying.
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