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1 – The Thursday session will be influenced by the Quarterly Inflation Report out of the United Kingdom, and the Retail Sales number out of the United States. Because of this, we will be watching the S&P 500 (SPX) as the market is approaching the top of the recent consolidation area. Because of this, we feel that the market may pull back a little bit, but should find buyers at lower levels, offering opportunities to buy calls. Ultimately though, we have to get above the 6900 level in order to continue the longer-term uptrend move, something that we think will happen given enough time.
2 – The EUR/USD pair continues to hover around the 1.13 level, and it looks like it’s ready to bounce from here. If it does, the 1.15 level above should offer enough resistance to start buying puts in that general vicinity. We have no interest in buying calls as we believe the Euro is still in a significant amount of trouble.
3 – Gold markets continue to fall, testing the $1220 handle. However, this is an area that we should start to see significant support, so we are actually waiting to see if there is going to be a supportive candle that we can start buying calls based on. In the meantime, it’s probably going to be easier to simply stay away from this market and allow it to try to find some type of stability going forward. There is simply far too much in the way of noise below to feel comfortable buying puts.
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