Video Length: 00:01:57

Today has an extraordinarily light economic calendar, so we do not think that there are going to be headlines to move the market, barring some type of black sheep event. With this being the case, we look at the markets in the same prism that we have seen for several weeks. Ultimately, we believe that the same trends will continue, and therefore being patient will be what it takes to make money.

1 – We believe that energy will continue to suffer over the longer term, although it is trying to make a bit of a stand at this point. Energy markets are excellent areas to start buying puts and on signs of resistance and of course exhaustion.

2 – European indices in general look like the ready to bounce, and quite frankly they need to. We could very well see positive moves in the CAC, DAX, and MIB today and perhaps even a few more days further. Whether or not we can break out for the long-term is a completely different scenario, but it does seem like Europeans are starting to put their money back into the stock markets.

3 – Precious metals markets appear to be trying to make some type of stand in the general area that they are in. With this, you have to be very careful buying puts because eventually we could break out to the upside. Gold markets look especially strong, but even silver looks like it is trying to put up a fight at this point.