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During the course of the day on Thursday, we get a handful of announcements that could move the markets, but quite frankly we don’t think any of him are going to be major. With this being the case, the market should continue to be fairly tight and therefore we are not looking for anything major today.
1 – Most European indices will end up being range bound, so make sure you are aware of the fact that trades will have to be based upon really short-term charts. With this, the market should continue to offer both calls and puts, and with that will have to continue to play those markets with both from time to time.
2 – Gold markets fell hard during the day, and as a result we may see more strength in the US dollar. Regardless, keep in mind that there is a lot of support below for both gold and silver, so it’s probably only a matter of time before precious metals have some type of rally. With this, we are waiting to see whether or not they bounce or find support.
3 – It looks as if the energy markets are going to pull back a bit, and we believe that could continue into today. That being the case, we believe that put buying opportunities could present themselves but keep in mind that there is a lot of noise just below and of course we will have to take profits fairly quick. Nonetheless, we are not expecting too much to come out of the day so stick to the short-term charts and take profits as they arrive.
