During the day today, there isn't a whole lot of economic news to move the markets in anything beyond a regional effect. The economic announcements favor a move in the FTSE, which we think could get a little bit of a boost. They also favor a move in the British pound, which could find resistance above when it comes to trading against the US dollar.

Keep in mind that the light economic calendar means that stocks themselves should move on fundamentals, and we may have a bit of a “mixed bag” when it comes to stocks around the world. Trading the indices will probably involve a lot of short-term moves, which we think will more than likely have a bit of an upward bias. However, do not look for massive moves during the session, and focus on shorter-term charts would be our thinking.

Energy could be interesting, as the Crude Oil Inventory numbers come out United States. The WTI market is coming close to the top of the recent consolidation area, so this could potentially be the catalyst for a breakout. If that happens, you can expect Brent to follow as well, and certain commodity currencies to do fairly well around the world, most notably the Canadian dollar.

We do think the precious metals are starting to bottom in general, so at this point in time we are looking to only buy calls, but on pullbacks that represent value. We think that the precious metals markets are going to have to build up a significant amount of momentum to go higher, and that is a longer-term process.