On Thursday, we get a handful of announcements that could move the marketplace, not the least of which will be the press conference coming out of the ECB, the Crude Oil Inventories announcement, the Philadelphia Fed Manufacturing Index, and of course a handful of mid-level announces coming out of the European Union. With this in mind, we are watching the following three assets:

WTI Crude Oil

With the Crude Oil Inventories number coming out, it looks as if the market is starting to roll over a little bit. There is significant support at the $50 level, but if we can break down below there, this market will roll over completely. Lately, most of the fundamental numbers and news has been bearish, and it’s starting to show on the charts.

AUD/USD

The Australian dollar has gone straight up over the last couple of weeks. Part of this has been the rally that we have seen in gold, and now that we have broken above the 0.75 level, it looks as if there will be buyers below. As long as we can stay above that level, it seems that the call buyers will be in charge. A breakdown below the 0.75 level since the put buyers right back into control.

Silver

Silver markets were a bit flat during the Wednesday trading session, but appear to have call buyers interested in the market near the $17 handle. A break above the $17.25 level is very bullish, and should send the call buyers into the market quickly. Because of this, we will have to wait and see but one should also note that a clearance to the downside of $17 would be very negative.