During the session on Tuesday, we get a lot of mid-level announcements out of the European Union and Great Britain, as well as employment numbers coming out of New Zealand but really nothing to move the markets drastically. Because of this, we believe that the market will more or less continue to look the same as it has for some time now.

1 – Because of this, we believe that pullbacks will offer value in stock markets, especially in the United States. They all look as if they are trying to build up enough momentum to break out, but it may take a few more sessions to actually do so.

2 – Energy markets still looks vulnerable to the downside, so we are apt to start buying puts on signs of weakness and of course falling apart. We have no interest whatsoever in buying calls at the moment, the longer-term trend most certainly dictates weakness.

3 – Gold markets continue to rally, and quite frankly we think this might be the trade of the quarter. With this, we continue to buy calls every time the market offers value, as all of the uncertainty seems to be fueling the demand for gold, and precious metals in general.