During the day on Monday, we get almost nothing as far as announcements are concerned. We do have a speech by the European Central Bank president, but beyond that there probably won’t be too much noise in the markets.

Natural gas falling

The natural gas market initially tried to rally during the day but turned right back around at the $2 level. Because of this, it appears that we are going to see more bearishness in this market. Put buying below the bottom of the range for the session is more than likely going to be the way going forward, just as it would be the way to trade any short-term rallies.

USD/CAD grinding away

The USD/CAD pair initially fell during the day on Friday, but turned back around again. It appears that the market is trying to break above the 1.40 level, and once it does we think that we will be able to buy calls in this market. In the meantime, we will simply wait for that breakout. We could buy short-term calls on pullbacks, but that of course is going to be a very short-term trade waiting to happen.

NASDAQ 100 rallies

The NASDAQ 100 rallied during the day on Friday, but we still remain within consolidation. Quite frankly, any signs of exhaustion all the way to the 4100 level should be a reason to start buying puts again. We have no interest whatsoever in buying calls, and believe that this market will continue to bounce around in this general vicinity.