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During the session on Tuesday, the Greek drama will of course take front and center stage, as the markets will try to figure out what’s going on next. Truthfully though, it’s almost impossible to gauge what’s about to happen, so all we can do is look to the charts. With that being said, it appears that the EUR/USD will of course be the epicenter of most of the action for the session. We still believe that the Euro will continue to find support, so short-term pullbacks should be opportunities for short-term call buying opportunities as long as we can remain above the 1.09 handle.

Silver markets tried to rally as well, but found the 15.80 level be far too resistant. Because of this, the market looks as if it will continue to bounce around between 15.50 on the bottom, and 15.80 on the top. With that, we are looking for supportive candles in order to buy calls for short-term trades only. There will be a lot of volatility in this marketplace, so we are not willing to place longer-term trades but recognize there is pretty solid support just below.

The FTSE fell during the session on Monday, but found support at the 6500 level. All things being equal, we believe that the market will continue to consolidate between 6560 and 6650, but recognize that there is probably more of a downside bias in this market at the moment. We believe that rallies could offer short-term put buying opportunities.