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Looking at the markets, there isn't too much to move them with perhaps the exception of a statement out of the Reserve Bank of Australia during the day. We have to pay attention to what the Australians believe, because quite frankly may have a unique insight into what's going on in Asia. With this, we would anticipate that volatility could come early, but ultimately we believe that short-term charts are probably going to be the way for the session.

1 – Precious metals look essentially like “dead money” at the moment, as they are basically hanging around very specific levels. Silver continues to consolidate between the $14.50 level on the bottom, and $15.00 on the top. We think that will remain the way that silver trades over the next several sessions. Gold markets continue to bounce around just below the $1100 level, so unless you can trade small micro-movements, it's probably best to leave this particular market alone. However, it will not sit still forever so by all means it should be at least observed.

2 – The DAX had a strong session on Monday, slamming into the €11,450 region. After forming 3 hammers previously, this was not much of a surprise. We continue to think that the DAX is a market that you can buy calls in, using short-term pullbacks as entries.

3 – US stock markets in general look like they are pulling back a little bit, but quite frankly it is probably just a bit of momentum building. Remember, this is the employment week, so the Nonfarm Payroll Numbers coming out later this week of course will be the focus. Ultimately though, the markets still have a way to go before they reach significant resistance. We are buyers of calls on short-term dips.