Looking at the Friday session, annualized GDP numbers come out United States. Because of this, we believe that the American stock markets should continue to be under the microscope. We believe that being the case, we should pay attention to the S&P 500 in particular. With that being the case, the market pullback during the Thursday session, but the 2100 level below is the beginning of support, so therefore we would anticipate being able to buy calls on signs of support on the short-term charts.
Silver markets tried to rally during the course of the session on Thursday, but failed and formed a massive shooting star. The shooting star sits on top of the $16.50 level, so if we can break below that level we believe that the market should then head to the $16.00 level next. It’s a short-term put buying opportunity in our opinion, but a valid one nonetheless. On the other hand, if we break above the top of the shooting star and clear the $17.00 level, we would be buyers as it would show a massive breakout to the upside.
The EUR/USD pair finally broke down during the session on Thursday, slicing through the 1.13 handle. With that, we believe that the market is getting ready to head down to the 1.11 handle, allowing us to buy puts as we continue to see bearishness in the Euro overall. We have no intention whatsoever in buying calls and believe that rallies will simply offer value in the US dollar.