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During the day on Monday, we don’t really have much in the way of economic announcements, so we believe that this market will be very technically driven. Ultimately, this is a market that could be choppy, because we have a lot of things to think about. Without a doubt, the ECB and its massive approach to monetary policy will make the Euro is still a bit unstable, but right now it looks as if the bullish traders are starting to take over again.

1 – We still believe in the precious metals story, so we are buying calls based upon short-term dips that show signs of support. We believe this will happen quite often, so short-term call buying opportunities will probably be what you find the most here. Gold will more than likely outperform silver, but either should continue to be rather well performing.

2 – European indices had a fairly strong session on Friday, but we believe that they will overall be in a consolidative mood. Because of this, we think you will have to worry about quite a bit of volatility. With this, it’s only a matter of time before we buy calls and puts, and believe that will be the kind of back-and-forth type of trading that indices should continue to show.

3 – The US dollar seems to be on its back foot in general, so with this being the case the market should be favoring other currencies around the world. With this, it’s possible that commodity currencies could perform fairly well in general.