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1 – Without a doubt, one of her favorite currencies at the moment it’s the British pound, and with the GBP/USD pair breaking higher during the course of the session on Friday, and clearing the top of the hammer that had formed on Thursday, we are becoming more and more bullish. We buy calls in this pair, as well as the GBP related pairs that feature other currencies beyond the US dollar. In other words, we believe that the British pound is probably the currency to own at the moment.
2 – Silver markets fell a bit during the session on Friday, but remains well within the tolerance of the previous consolidation area. Because of this we are short-term call buyers but we don’t think that the market will break much beyond the $16.20 level in the end. With that, we think that it is short-term traders market only.
3 – The DAX initially fell on Friday as well, but found buyers just above the €11,000 level in order to form a candle that is somewhat like a hammer. Because of this, we think that the DAX is going to make a serious attempt to rally from here. With this, we are buyers of calls but we recognize that volatility will be extreme. We will be much more comfortable once the DAX clears the €11,500 handle. We have no interest in buying puts, not at least until we make a fresh, new low, so with that we remain fairly optimistic about German stock market participants.
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