During the session on Thursday, there are a lot of things going on, but without a doubt one of the biggest ones will be Janet Yellen speaking to the Congress in the United States. That being said, it is a bit difficult to imagine that you can quantify this at a time so having said that it’s very likely that this market will be volatile.

Silver pulls back to find support

Silver markets fell significantly to test the $15.10 level, but found enough support to turn things back around and form a hammer. The hammer of course is a very bullish sign, but we do have exhaustion just above. With that being the case, we are looking to buy calls on short-term pullbacks as the market should try to build up enough momentum to finally break out.

CAC bounces

The Parisian index bounced during the course of the session on Wednesday, using €4000 as a springboard. Because of this, the market looks as if it is going to continue to see quite a bit of volatility, but there is a significant amount of resistance above and with the negativity in the stock markets, it makes sense that the CAC will follow all of the European indices.

USD/JPY breaks down

The USD/JPY pair sliced through the 115 level during the day on Wednesday and it now looks as if we are completely falling apart. That being the case, we are buyers of puts every time we show signs of exhaustion, and exhaustive candles will be the reason to do so. We have no interest whatsoever in buying this market, it is one that is exhausted.