Very quiet economic calendar

During the session on Tuesday, we are very little on the economic calendar to move the markets, so we believe that it will be more or less a continuation of what we have seen for some time now. Factory Orders out of America, and Retail Sales out of Australia are probably the biggest announcement, and those typically don’t cause much in the way of volatility.

Gold looks ready to continue going lower

The gold markets should continue to offer put buying opportunities on short-term bounces, as the market looks very bearish. If we can form some type of resistant candle above, that should be a signal to start buying those puts again. On the other hand, if we break down below the bottom of the range for the Monday session, we believe that is an opportunity to buy puts as well.

WTI Crude Oil finding support

The WTI Crude Oil market went back and forth during the course of the Monday session, but seems to be fighting quite a bit of support at the $46 level. With this, we believe that the market should continue to find buyers when it pulls back, therefore we are looking to buy calls on short-term pullbacks and take profits very quickly.

S&P 500 show strength again

The S&P 500 initially fell during the course of the day on Monday, but found enough support near the 2070 level to turn the market back around and head back towards the 2100 level. If we get above the 2100 level, we are buyers there as it would be a breakout above the large, round, psychologically significant number. On the other hand, if we pullback from here and find signs of support on short-term charts, we are buyers of calls there as well.