July 1th: ADP employment numbers
More than likely, we will see a significant reaction to the ADP employment numbers as it is a precursor to the nonfarm payroll numbers that come out on Thursday. With the major holiday coming up in the United States this weekend, the truth of the matter is a lot of traders will be looking to get out of the markets quickly as summer vacation takes focus. However, keep in mind that headlines out of Greece can move the markets at any time.
Precious metals look soft but supported
One particular precious metal, silver, looks very soft but is coming up on significant support. Because of this, we need to see some type of supportive candle or a short-term bounce between the 15.50 level, and the 15.00 level in order to serve buying calls again. We do not have any interest in buying puts.
WTI continues to consolidate
The WTI Crude Oil market continues to consolidate, as we bounced off of the $58 level. We believe the market will head to the $61 level, offering a short-term call buying opportunities yet again.
NASDAQ looking for support at 4400
The NASDAQ bounced slightly during the session on Tuesday, as the 4400 level offered a bit of support. This is the bottom of the recent consolidation, so we think it is only a matter time before call buyers take over again. As a result, we would be buyers of calls above the top of the range for the Tuesday candle.
The material provided on this market review and the linked websites is not intended to be your only source of information when you are making financial decisions. OptionsClick™ is not a financial advisor. The information provided should be treated as a guide only and it is not a substitute for independent professional advice. You should seek independent professional advice relevant to your particular circumstances.
OptionsClick™ have made every effort to ensure that the material published here is accurate.
OptionsClick™ takes no responsibility or accept no liability arising from:
- Errors or omissions.
- The way in which any material is interpreted.
- Reliance upon any material.
- The contents or reliability of any linked websites.