Unemployment Claims
During the day on Thursday, we have several announcements coming out that can move the marketplace, such as the Retail Sales numbers coming out of London, the unemployment Claims number coming out of America, and of course the Monetary Policy Saving coming out of Tokyo. Because of this, we think that there will be several different opportunities to trade.
CAC looks soft
The CAC which had previously been so bearish tried to rally during the course of the session on Wednesday, but sold off to form a candlestick known as a “shooting star.” The shooting star is one of the most bearish candlesticks you can see, so we break down below the bottom of the range for the day on Wednesday, we are put buyers. This is at the €4600 level, and we feel the market will then reach towards €4500 on that move.
Silver markets rally hard
During the session on Wednesday, silver markets shot straight up in the air. However, we still have to clear the $14.60 level before it appears that the market is in the clear to go much higher, so any type of resistance or exhaustive candle during the day today could offer put buying opportunities in what is a longer-term bearish market.
FTSE rallies on Wednesday
The FTSE rally on Wednesday, but as you can see struggled at the 6100 level. We are buyers of calls above that level, and buyers of puts on signs of exhaustion on short-term charts. We believe that 6100 is essentially the key to where we go next.
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