Nonfarm Payroll

During the day today, we get nonfarm payroll numbers coming out of the United States which of course will move just about every market out there. With that in mind, we look at the charts.

EUR/USD rallies

At this point in time, we are simply looking to see what happens at the time of announcement in order to place trades in the Euro. We believe that more than likely the EUR/USD pair will rally, and if it does we think we could go to the 1.14 level. However, keep in mind that the announcement can turn everything right back around.

DAX finds support

On Thursday, the DAX fell well below the €9400 level, but found enough buyers down there to turn the market back around and form a hammer. The hammer of course suggests that buyers are coming back into the fold, and without the market could very well rally to the €9800 level. Possibly the €10,000 level above there. We have no interest in trying to buy puts yet, at least not until we break the €9200 level.

NASDAQ 100 finding support

The NASDAQ 100 found a bit of support just above the 4100 level early in trading on Thursday, and as a result it looks like we are going to be waiting for the jobs number to make the next move. There is a massive amount of support below the 4100 level, so unless we get a horrific jobs announcement on the United States, we believe that pullbacks will offer call buying opportunities.