Originally Posted by R. Cox - Click here for the full trading briefing
1. Since markets were unable to take any optimistic signals from the completion of the US Presidential election, I am continuing with my downside forecast for the S&P 500
. We are unlikely to get much of an upside retracement at this stage, so weekly PUTS anywhere into the 1390
region are acceptable for options traders. First downside target is 1340.
2. Our bullish bias in Gold
continues but with the latest rallies, better to wait for a pullback into the 1720
area before getting into new weekly CALLS
. Markets are likely to be looking for new safe havens, and this is a prime candidate (no pun intended).