The Wednesday session will probably be fairly quiet in the first half of the day, but there is the Halifax Housing Index numbers, which could move the FTSE a bit higher. We do like buying supportive candles below, and as a result we think that the area between the 6400 and 6500 levels will eventually offer a supportive candle in order to start buying calls.
The FMOC Meeting Minutes will be released, and as a result we anticipate that the stock markets in the United States will more than likely offer plenty of trading opportunities. Keep an eye on whether or not the Federal Reserve looks likely to taper off more, or even tighten monetary policy. If it does, there is a good chance that the US dollar will continue to strengthen overall.
The S&P 500 looks as if it is ready to go higher, based upon the fact that it has held the uptrend line below, and it appears that the market is ready to continue the uptrend sooner or later. We have no interest in buying puts, and realize that buying calls on supportive candles will be the way to go going forward at this point in time.
Looking at the EUR/USD, it appears that the Euro is trying to build up enough momentum to break out to the upside. However, the 1.27 level just above is resistance, and most certainly the 1.28 level above there is. With that, we are more comfortable buying puts at higher levels that show signs of resistance and the uptrend fading a bit.
Silver looks very weak at this moment, forming a shooting star for the Tuesday session. We are buyers of puts as we believe the silver markets will continue to fall way down to at least $15, albeit over time.
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FMOC Minutes October 8, 2014
Published 10/08/2014, 02:47 AM
Updated 05/14/2017, 06:45 AM
FMOC Minutes October 8, 2014
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