Looking at the economic calendar, without a doubt the Manufacturing PMI numbers out of both Europe and the United States are going to be the biggest members of the markets. With that, we believe that most of the action will be transatlantic, as the early part of the session will feature the Euro and all things European, while later in the session we will see markets shift focus towards America.

With this, we cannot help but notice that major European indices as well as American ones are starting to show signs of support later in the day on Thursday. Because of this, we are call buyers and all stock markets on both sides of the Atlantic if we can get a slight break higher. We recognize that the announcements could cause a little bit of volatility, but quite frankly unless they are stunningly short of expected targets, we think stocks on both sides of the Atlantic Ocean will find themselves going higher.

Crude oil tried to bounce during the session on Thursday, but broke back down to form something akin to a shooting star. With this, it appears that the market is ready to go lower, probably heading towards the $47.50 level given enough time. After we broke down below the $50 level, that was in fact a signal that the market is more than likely going to continue going lower, so therefore we are put buyers in this marketplace.

Gold markets tried to rally as well, but found resistance near the 1100 level. Because of this, we believe that the market is going to continue to go bit lower, heading towards the bottom again, and then eventually down to the $1100 level given enough time. Rallies will continue to be put buying opportunities going forward.