1 – Looking at the silver market, we did in fact find support at the $17 level as we had anticipated. Because of this, we feel that the market is going to continue to go higher and head towards the $17.50 level, an area that has been important in the past. We are call buyers, and anticipate stronger silver pricing given enough time.
2 – The DAX continues to grind higher, having a slightly positive session on Wednesday, as we start to head towards the €12,000 level. We believe the pullbacks from this market should continue to send the German index much higher. We are call buyers and have absolutely no interest in buying puts. We do expect to see this market test the €12,000 level in the near future.
3 – The GBP/USD pair found a little bit of support during the day on Wednesday, as the 1.55 level continues to be supportive. We believe that it’s only a matter of time before the market breaks out to the upside and a move above the 1.56 level should open the door to the 1.58 level. We are call buyers, but will look to short-term pullbacks in order to find trading opportunities. We believe that this market breaking above the 1.58 level suddenly becomes a “buy-and-hold” type of currency pair. At this moment, we have no interest in buying puts as we believe the British pound will be one of the stronger currencies that we follow.
