Looking at the Thursday session, there is almost nothing to move the markets. Because of this, we believe that the markets will be very technically driven, and as a result we are looking directly to the charts for trading opportunities.
The FTSE 100 fell initially during the session on Wednesday, but found enough support at the 7000 level to bounce. With this, we are looking for supportive candles in order to start buying calls yet again, as we believe ultimately the market will head to the 7100 level given enough time. We have no interest in buying puts at this point as even if we get below the 7100 handle, there is plenty of support below.
Silver markets fell during the day on Wednesday, breaking below the bottom of the shooting star that had formed on Tuesday. Because of this, we feel the market is probably going to head to the 15.50 level where we see significant support based upon longer-term charts. Ultimately, we believe it is probably going to be easier to buy the supportive candles in that region of 15.50, so we’re going to be patient and wait to see if we get the candle in order to buy calls.
The EUR/USD pair did very little during the day on Wednesday, as we continue to meander just below the 1.08 handle. However, we do believe that ultimately the only thing you can do this market is buy puts as the Euro has far too many issues. With this, we are very still and have no interest in buying calls as we believe ultimately this market should then head to the 1.06 handle given enough time.