Looking at the Friday session, the Retail Sales number out of the United Kingdom is probably the most important number that we will run across, so that is the one that we are paying attention to the most. The FTSE got a nice list during Thursday trading, crashing into the 6800 level. With that, we believe that the market pulling back is simply a short-term buying opportunity as calls should become the way to go going forward. We have no interest in buying puts, as the FTSE look so healthy and well supported.
Silver markets continue to push higher, testing the $18.50 region. We are broken out, so we think that ultimately this pair does go higher, but also recognize that a short-term pullback may not necessarily be the worst thing in the world. We are very bullish though.
Looking at the EUR/USD pair, we’ve clearly broken down to a fresh new lows and it’s only a matter time before we head down to the 1.10 handle. We have no interest in buying calls, because we believe that rallies will continue to produce put buying opportunities on signs of weakness going forward. We believe that the EUR/USD trend isn’t over, and should be quite profitable for those of you willing to buy puts again and again.