FOMC Statement coming today….
During the session on Thursday, we will get the most important announcement of the month, if not quarter in the form of the FMOC Statement. The markets look at this statement as a possible sign for the future, as what the Federal Reserve is getting ready to do has been fairly difficult to agree upon. With this, we believe that it’s only a matter of time before trends either accelerate, or completely reverse.
WTI Crude Oil looks strong
During the session on Wednesday we have seen quite a bit of bullishness when it comes to this market. We believe that the $44 level below is a bit of a “floor” in this market, and that we are eventually heading back towards the $49 level. We would be profit takers of calls at $48 on pullbacks and of course a break out above the top of the trading session for Wednesday.
S&P 500 looks as if it is already made up its mind
During the session on Wednesday, the S&P 500 pullback but bounced enough to form a bit of a hammer. Because of this, it looks as if the market has already somewhat made up its mind, as we continue to press against the 2000 level. If we can break above there, the S&P 500 would be a longer-term call buying opportunity just waiting to happen. We have no interest in buying puts at the moment.
Gold markets take off
Gold markets rose during the course of the day on Wednesday, as it appears people are starting to doubt whether or not the Federal Reserve to raise interest rates for any real length of time, or even at all for that matter. With this, we feel that pullbacks will continue to be call buying opportunities in the precious metal.
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