Today's Trading Opportunities – Watch the Market Analysis Video for full analysis

1 – Looking at the Tuesday session, we believe that most of the action will probably be in the British pound and the FTSE, as well as the US stock indices. This is because the announcements coming out during the day of any significance come from both of those countries. With the GDP numbers coming out of the United Kingdom, we believe that the GBP/USD pair will have a lot of action in it, and we could make a test of the 1.52 handle. However, we believe that the market has a significant amount resistance in that area so we believe that put buying opportunities may present themselves on resistive candles.

2 – As far as the US is concerned, we like buying the S&P 500 on a break out above the 2060 level, or pullbacks and show signs of support below. After all, that’s exactly how Monday’s action played out, a pullback with large amounts of buying after the open. We believe that is going to continue to be the case in the S&P 500 as we march towards the 2100 level.

3 – The gold markets fell a bit during the session on Monday, and we believe that will continue today. The market essentially needs to go lower to find some type of support, and that’s exactly what we go look for: supportive candles. At that point in time, we would be buyers of calls as we believe gold is starting show real strength in reaction to a lack of confidence in the Euro.