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During the session on Thursday, we get the Preliminary GDP numbers out of the United Kingdom, the Unemployment Claims coming out of the United States, and several other mid-level announcements. Because of this, there could be quite a bit of volatility during the second half of the day, and as a result we believe that there should be plenty of trading opportunities.
1 – The British pound continue to fall during the session on Wednesday as it has for quite some time, we fully anticipate that European currencies in general will be a bit soft during the day due to the reactions on Wednesday. The US dollar should continue to strengthen overall over the longer term, but we recognize that there will be quite a bit of back and forth.
2 – Precious metals pull back a little bit during the session but quite frankly look very healthy at the moment. Ultimately, we believe that precious metals are going to continue to show strength of the longer term but it will be very choppy to say the least. This is very common considering that we had sold off so drastically just a few months ago.
3 – Energy markets rallied a bit during the day but quite frankly we think that the longer-term fundamentals will come back into play given enough time. We are waiting for signs of exhaustion in order to see the market fall yet again. At this point in time, it is more or less a relief rally than anything else.
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