With almost nothing in the economic calendar to move the markets, it is very likely that we will see technical setups take over and drive the markets going forward. We believe that the Canadian numbers will be enough to move the rest the markets, so at this point in time we believe that we will simply see the setups from Thursday come into fruition.

The FTSE looks very likely to bounce at this point in time, as we initially fell during the session on Thursday. However, the market found enough support just above the 6700 level to form a nice-looking hammer, which is one of the more bullish candlesticks that you can find. If we can get above the 6700 level, we are buyers of calls as the market should bounce from that point. However, we are not looking to hold onto a longer-term position, and therefore will be quick to take profits.

The US dollar get beat up a little bit during the course of the session on Thursday, and that of course is good for precious metals. Silver markets look like they have finally broken out of the short-term range, and we now believe that the market is heading towards the $16.60 handle. Short-term pullbacks as long as we can stay above the $16.20 level should be call buying opportunities from what we see.

The EUR/USD pair finally broke above the 1.14 level during the session on Thursday, but we see a significant amount of resistance all the way to the 1.15 handle. Because of this, we believe that you need to wait until we get above the 1.15 handle in order to buy calls. Short-term pullbacks could be buying opportunities for calls, but we see no reason whatsoever to buy puts at this point in time as it seems like the Euro eventually is going to break out and go much higher.