During the Tuesday session we are anticipating the German Flash Manufacturing PMI numbers and the Durable Goods Orders number coming out of America, meaning that the US stock markets and the US dollar could be affected, perhaps as well as the DAX and Euro. However, we think that the Greek drama will make any reaction a bit muted.
1 – The EUR/USD pair initially fell during the course of the session on Tuesday, but bounced enough to form a somewhat neutral candle. Because of this, we feel that it is not until we get above the 1.15 level that we can be buyers of calls for any real length of time. We think that every time this market pulls back, it is a short-term call buying opportunity as we do seem to have more support below and originally thought.
2 – Looking at the FTSE, it is the one break spot in the market so we are following today. We broke above the top of the shooting star from Friday, which of course is a very bullish sign, as we slammed into the 1600 level. If we can continue the momentum, we should then head to the 6900 level, and then eventually 7000. We would be buyers of calls on break out to the upside and of course pullbacks on short-term charts.
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