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The Wednesday session has almost nothing to offer as far as economic announcements are concerned, without much beyond the Crude Oil Inventories number coming out to move this market. With this, Mark it looks as if we will be very technically driven and as a result you have to believe that the longer-term trades will continue to drive the markets in general.
1 – Precious metal should continue to do fairly well, as they both bounced. On top of this, the market should continue to go higher in both gold and silver markets, and at this point in time we are bullish. We recognize that there is a lot of volatility ahead, but overall it looks like the buyers are winning.
2 – European indices initially fell during the course of the session on Tuesday, but turned back around and as a result ended up forming a fairly positive candle for the day. This is true across the board, and more than likely we will continue to see quite a few call buying opportunities in these stock markets. With this being the case, it’s very likely that call buying is the only thing that will be able to be done.
3 – Forex markets look of a mix, but it appears that we will work against the US dollar today. With this being the case, we especially believe that the Euro will strengthen, and therefore like that particular currency. We are not looking for major meltdowns as far as the US dollars concerned, but do realize that there is still a significant amount of bearish pressure on it.
