During the day on Wednesday, we receive the crude Oil Inventories number, which of course will bring a lot of interest to the marketplace as the petroleum markets have been very volatile. We have also seen Forex pairs quiet down a bit, with perhaps the exception of the selling of the Japanese yen. European indices all look like they’re ready to break out, at least over the longer term. The same can be said for US indices.

WTI Crude Oil

The WTI Crude Oil market gets the inventory number today, and thus we could have a bit of volatility. It looks as if the put buyers are attracted to the $55 level, while the call buyers are attracted to the $51 level. Until we can get some type of impulsive candle you must assume that the consolidation will continue.

CAC

The French markets fell slightly during the session on Tuesday, but look well supported below the €4800 level. Because of this, call buyers will more than likely be attracted to this market at the first signs of strength.

Gold

Gold markets continue to see a lot of volatility, as we press up against the $1220 level. If we can break above the $1230 level, the call buyers will probably be very attracted to this market. Alternately, if we can get some type of impulsive a negative move, that could bring put buyers into the market as we have reached such a massive resistance barrier.