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Originaly posted by Michael Hodges.

U.S. Markets Making New Highs

S&P 500

Call/Put = Call
Entry = Below 1800
Expiration = One Week

It’s hard not to be bullish on the S&P 500 when it keeps making new highs. The index made new highs all last week and it made new highs this week right at the open. Fundamentals are unchanged, QE is still flowing so until that changes I am still bullish. There is a chance there could be a hint of QE in the minutes on Wednesday but I don’t think so. The new speculation that tapering could start in December sounds a lot like the idea it could have started in September.

The long term trend is up. The weekly candles are bullish, supported by rising bullish momentum and rising stochastic. The daily charts support the long term bullish trend. Momentum has turned bullish and is on the rise while stochastic is also on the rise. Long term divergences are still present but could be negated if the current rally is strong enough. I am bullish on the SPX in the near to short term with some caution. The FOMC minutes have the power to change the markets direction but until then I am trading calls with a target entry below $1800 and one week until expiry.

German Bulls
Call/Put = Call
Entry = Below 9225
Expiry = One Week

Positive trade balance increases were taken as a good sign by the European markets. The rise in trade along with the reforms in China bode well for this region. I am bullish on the EU and Germany in particular so trading the DAX this week. I am trading a call with an entry below 9225 with one week until expiry.

Not Quite Bullish On Gold Yet


Call/Put = Put
Entry = Above $1280
Expiration = One Week

I am not quite bullish on gold yet but it is getting close to my downside targets. Last week gold fell firmly below the $1300 level and is looking like it will retest previous lows around $1200. There still isn’t any active buying in the metal making it extremely susceptible to knee jerk reactions. I am trading puts on gold with a target entry above $1280 and one week until expiration.