1 – The S&P 500 continues to impress us, as we broke the top of a hammer during the session on Wednesday. By doing so, it looks like the market is ready to continue going higher, but we recognize that the 2100 level above could be a little bit of resistance. Nonetheless, we fully anticipate this market heading back to the 2120 level, and then the 2140 region. We are buyers of calls every time this market pulls back.

2 – The WTI Crude Oil market tried to break out again during the session on Wednesday, and yet again has been turned back during the day. With this, we believe that the market probably pulls back to about the $50 region, so if you are a short-term trader you can play the range by purchasing puts in this general vicinity. On the other hand, if we were to break out above the 62.7 the zero dollars level, we feel that the market would have to be one that you can only buy calls in.

3 – Looking at the GBP/USD pair, we have broken all the way to the 1.55 level, and now are trying to break out above there. If we close above that level during the day, we feel that buying calls will be the only thing you can do, as the 1.58 level will be the next target. Regardless, we have no interest in buying puts, as the British pound looks so strong at the moment. With this, we believe that the uptrend will continue for the longer term.