During the day on Thursday we don’t have much in the way of economic announcements that should move the market beyond the Unemployment Claims and the Philly Fed coming out of America. We also have Crude Oil Inventories coming out so there is the possibility that we get a move in the petroleum markets.

1 – Needless to say, we are very bearish of the petroleum markets still, so quite frankly we would love to see some type of bounce that struggles at higher levels that we can start buying puts based upon. We have no interest in buying calls and believe that any bounce in the petroleum market right now a short-term at best.

2 – We also recognize that precious metal still should do fairly well, as most currencies are suspect to say the least. After all, we have central banks doing what they can to devalue their own currencies, and that of course works against the value of them all in terms against silver and gold. We believe that because of this the market will continue to do fairly well.

3 – At this point, it looks like the US stock indices are trying to lead the charge higher. Because of this, pay attention to America, and if we get a move higher, it could lead the rest of the world in a bit of a rally as most equities have probably been a bit oversold at this point.