August 28th: University of Michigan Consumer Sentiment numbers to move market
During the session on Friday, the University of Michigan Consumer Sentiment numbers will to be the mover of markets. With this being the case, the market will probably focus on the United States in general, and of course the US dollar. With this, we feel that it will be a very US centric session.
USD/CHF powers higher
The USD/CHF pair broke above the 0.95 handle, which we feel as a sign of significant strength. We are buyers of calls on signs of strength in this marketplace, and of course pullbacks and show signs of support. We have no interest whatsoever in buying puts at this point in time, and believe that the pair will reach towards the 0.97 level given enough time.
NASDAQ looks strong
The NASDAQ broke higher during the course of the session on Thursday, breaking well above the 4200 level. Because of this we are buyers of calls every time this market pulls back as it should continue to power much higher. With this, we believe that the NASDAQ will once again be a strong performer.
Gold falls, looking for support
We believe the gold will have plenty of support somewhere between here and the $1110 level, so any signs of support could be a call buying opportunity. However, if we break down below that level we would start to look to buy puts as it would go with the longer-term downtrend.
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