Binary Options Daily Review September 3, 2010
Stocks:
Stocks mounted a modest afternoon rally to close near the day’s highs as investors awaited monthly jobs data on Friday that will shed more light on the economic recovery. The Dow Jones Industrial Average finished up 50.33 points, or 0.49%, at 10319.80. The Nasdaq Composite rose 1.06% to finish at 2200.01 while the Standard & Poor’s 500-stock index gained 0.91% to 1090.08.
Currencies:
The U.S. dollar moved lower in Asian trading Friday afternoon, losing ground against the yen and euro with traders wary ahead of the release of U.S. nonfarm payrolls later in the global day. The EURUSD stood at $1.2824, up from $1.2820 in late North American trading on Thursday.
Commodities:
Silver hit a multiyear high on Thursday, riding the coattails of gold, and copper settled at a four-month high after encouraging housing numbers.
Gold futures on Thursday closed less than half a percentage point away from their record high, resuming their climb as investors continued to use the metal as a means of safeguarding wealth. Gold for December delivery added $5.30, or 0.4%, to $1,253.40 an ounce on the Comex division of the New York Mercantile Exchange. That’s 0.4% away from the June 18 record high of $1,258.30 an ounce, and a fresh two-month high for the metal.
Binary Options Daily Review September 2, 2010
Stocks:
U.S. stocks surged Wednesday after a reading on manufacturing activity climbed in August, defying expectations of a decline and helping to calm worries about the direction of the economy. The Dow Jones Industrial rose 254.75 points, or 2.5%, to 10,269.47, with all 30 of its components tallying gains.
Currencies:
The dollar declined against the euro and other major currencies on Wednesday after a measure of U.S. manufacturing activity unexpectedly improved last month, adding to evidence of pockets of strength in the economy. The euro rose to $1.2799, up from $1.2679 late New York trading on Tuesday. It touched as high as $1.2855 earlier.
Commodities:
Gold futures shed earlier gains Wednesday, as stronger U.S. and Chinese manufacturing data quieted fears the global recovery was stalling, increasing investors’ appetite for risk. Gold for December delivery settled down $2.20, or 0.2%, to $1,248.10 an ounce at the New York Mercantile Exchange. Earlier it had risen as high as $1,256.60 an ounce, within $2 of a record high settlement of $1,258.30 an ounce set in June.
Crude-oil futures posted their biggest one-day gain in nearly a month Wednesday, after U.S. and Chinese manufacturing surveys sweetened the outlook for global oil demand after petroleum’s sharp tumble last month. Crude oil for October delivery ended floor trading up $1.99, or 2.8%, to $73.91 a barrel on the New York Mercantile Exchange, the biggest one-day rise for the most actively traded contract since August 2.
Binary Options Daily Review September 1, 2010
Stocks:
U.S. stocks see worst August since 2001. U.S. stocks finished a lackluster session little changed on Tuesday but finished the month with their worst August performance since 2001 as concerns about the economy continued to pile on. The Dow Jones Industrial Average on Tuesday rose 4.99 points to end at 10,014.72.
Currencies:
The Australian dollar seized the Asian spotlight Wednesday, posting strong gains after economic data showed that country’s April-June growth beat forecasts. The Aussie was up 1.3% at 89.95 U.S. cents, after the Australian Bureau of Statistics said gross domestic product rose 1.2% on a seasonally adjusted basis in the quarter, topping economists’ consensus forecast for 0.9% growth.
Commodities:
Gold futures rose to a two-month high Tuesday, pushing August gains past 5%, and silver hit a three-month high as investors sought out both metals to protect against a faltering economic recovery. Gold for December delivery added $11.10, or 0.9%, to $1,250.30 an ounce on the Comex division of the New York Mercantile Exchange, the highest since late June and less than 1% from bullion’s record settlement high of $1,258.30 an ounce on June 18. Gold rallied 5.6% in August. That compares to a decrease of 5% in July and is gold’s largest advance since April.
Crude futures finished lower Tuesday, adding to steep monthly losses, as plentiful inventories and concerns about an economic soft patch prompted investors to shift into gold and bonds. Oil for October delivery ended down 3.7% at $71.92 a barrel on the New York Mercantile Exchange Tuesday, with declines accelerating toward the close of the session.
Binary Options Daily Review August 31, 2010
Stocks:
U.S. stocks fell sharply Monday, adding to losses for August so far, as investors worried about the economy at the start of a data-riddled week, which culminates with the monthly employment report. The Dow Jones Industrial Average fell 140.92 points, or 1.4%, to end at 10,009.73, near session lows. The Dow is currently off 4.4% for August, with only one trading session left in the month.
Currencies:
The dollar advanced against the euro and most other major currencies Monday as U.S. stocks extended losses, failing to derive any support from economic data on consumer spending and personal incomes or from merger news. The Japanese yen registered broad gains, erasing early weakness after an emergency easing by the Bank of Japan failed to dampen the currency’s recent strength.
Commodities:
Copper hit a 4 month high. Copper futures December contract adding 5 cents, or 1.3%, to $3.43 a pound. Gold for December delivery added $1.3, or 0.1%. Crude-oil futures declined Monday as stocks fell and investors waited to see whether key economic data this week would reaffirm their fears about the pace of the economic recovery.
Binary Options Daily Review August 27, 2010
Stocks:
U.S. stocks fell Thursday as a fall in new claims for unemployment benefits offered only slight consolation to a market hammered by a recent spate of largely dismal economic reports. The question on everyone’s mind now is whether US Federal Reserve Governor Ben Bernanke will call for further stimulus dollars to keep the recovery going on a sustainable path. He will be speaking to the US congress on the matter today, which the markets will be following closely.
In trading the Dow Jones Industrial Average dropped 74.25 points to 9,985.81, with all but two of its 30 components ending in the red.
The S&P 500 declined 8.11 points to 1,047.22, with health-care companies and consumer staples weighing the most among its 10 industry groups. Material and industrial firms fared the best.
Currencies:
The Euro has tested support at 1.2695 session low right at European opening, which held firm and the pair bounced up to reach session high levels at 1.2740, approaching Thursday’s high at 1.2765.
On the upside, above 1.2735 session high, the pair could face resistance at 1.2765 (Aug 26 high) and then 1.2795/00 (Intra-day resistance). On the downside, immediate support lies at 1.2695 (session low), with next levels at 1.2650 (Aug 26 low) and 1.2585 (Aug 24 low).
The yen fell against the dollar and euro in Asian trading Friday after reports that Japanese Prime Minister Naoto Kan plans to hold a press conference later in the day to deal with the yen’s strength sparked selling on hopes that government may undertake some sort of concrete steps.
More Stimulus to Come?
Commodities Outlook:
Crude oil futures were slightly lower Friday in Asia against a backdrop of mixed regional equities, but were finding support ahead of a speech by U.S. Federal Reserve Chairman Ben Bernanke in which he may suggest more stimulus measures for the world’s largest economy.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $73.31 a barrel at 0629 GMT, down $0.05 in the Globex electronic session. October Brent crude on London’s ICE Futures exchange fell $0.18 to $74.84 a barrel.
Binary Options Daily Review August 26, 2010
Stocks:
U.S. stocks finished higher on Wednesday, after a late reversal helped the Dow Jones Industrial Average end a four-session losing streak, with investors buying up stocks of home builders and other consumer issues following further round of disappointing housing news.
In Asia shares traded mostly higher Thursday, with several indexes moving in and out of negative territory. Japan’s Nikkei Stock Average returned from an afternoon lull to trade 0.4% higher, and the Topix up 0.2%, as the yen remained little changed from its morning levels.
Currencies:
The dollar regained its earlier advance versus the Japanese yen but stayed lower against the euro on Wednesday as stocks turned up after being weighed by softer-than-predicted U.S. economic data. Still, investors started looking for real value and the trend is expected to continue in today’s trading.
The strong dollar was supported by U.S. data showed durable-goods orders rose last month but at a pace far less than analysts anticipated.
The euro was also caught between Portugal’s strong bond auction and Standard & Poor’s downgrade of Ireland’s bond rating, while the yen fell back somewhat. The yen tends to be the biggest loser when stocks decline, which currency traders take as an indication that investors are more comfortable taking risks and moving out of the safety of the low yielding yen. The dollar also often loses against the euro when risk appetite increases.
Commodities:
Crude-oil futures ended Wednesday in positive territory, despite a surprise increase in inventories and weak economic data that offered little hope for a real surge in demand.
Crude for October delivery rose 89 cents, or 1.2%, to settle at $72.52 a barrel on the New York Mercantile Exchange, after setting an 11-week low on Tuesday. Earlier in the session, oil had posted an intraday low of $70.69 a barrel.
Crude prices have fallen nearly $10 a barrel in just over two weeks following weaker equities and a stronger U.S. dollar amid growing doubts about the strength of the global economic recovery. While the bearish undertone prevails, analysts say crude might be set up for a technical bounceback in the near term with strong support around $70 a barrel.
Binary Options Daily Review August 25, 2010
Stocks:
U.K. stocks were broadly flat Wednesday, as losses for Tullow Oil were offset by well-received results from BHP Billiton and insurer Admiral Group.
The U.K.’s benchmark FTSE 100 index rose 0.1% to 5,158.60, helped by a 1% gain for heavyweight miner BHP Billiton after it said fiscal-year profit more than doubled to $12.72 billion.
A broad decline in U.S. stocks that sent the Dow Industrials briefly below 10,000 ended sharply Tuesday, after poor data on the housing market intensified worries about the global economic recovery.
Currencies:
The Japanese yen eased against its rivals during Asian trading Wednesday after hitting multiyear highs the previous day, with the market watching for possible intervention by Tokyo to curb the currency’s rise.
In East Asian afternoon trading, the U.S. dollar changed hands at ¥84.38, recovering from its 15-year low of ¥83.57 Tuesday.
Commodities:
Crude oil futures rose slightly in Asia trading Wednesday as fresh buying emerged after prices closed at their lowest levels in more than two months.
A weaker U.S. dollar against the euro helped support buying interest, but gains were limited by a fall in regional equities.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $71.87 a barrel at 0653 GMT, up $0.24 in the Globex electronic session. October Brent crude on London’s ICE Futures exchange rose $0.36 to $72.74 a barrel.
Crude prices have fallen nearly $10 a barrel in just over two weeks following weaker equities and a stronger U.S. dollar amid growing doubts about the strength of the global economic recovery. While the bearish undertone prevails, analysts say crude might be set up for a technical bounceback in the near term with strong support around $70 a barrel.
Binary Options Daily Review August 24, 2010
Stocks:
U.S. stocks finished in the red for a third straight day as salient economic concerns weighed on the market, overshadowing excitement over a slew of recent acquisitions.
The Dow Jones Industrial Average finished down 39.21 points, or 0.4%, at 10,174.41, after gaining as much as 91 points in intraday trading. The Nasdaq Composite Index slipped 0.92% to 2,159.63 while the Standard & Poor’s 500-stock index fell 0.4% to 1067.36.
Economists are expecting the US government’s estimate of 2.4% economic growth for the second quarter to be cut to 1.2% when it is released Friday, which would represent a clear slowdown from earlier in the year.
Currencies:
While remaining in range to break lower, the USD/JPY has most recently halted its slide at 85.00 where it commenced to pull back slightly. So far, the pair is trading back up around 85.10 where it seems to be finding modest resistance to climb any higher.
After opening the week facing a 35-pip downside gap, AUD/NZD managed to regain over 70 pips on Monday. The Aussie was able to fill the opening gap and reached an intraday high at 1.2643 against the Kiwi during the European session.
However the AUD/NZD retreated somewhat and closed around 1.2600 in the last hours of trading Monday and continues to move horizontally into a tight range between 1.2574 and 1.2615 during the current Asian session.
Commodities:
Gold retreated for a third day as an advance in the dollar curbed demand for commodities, including precious metals.
Gold for immediate delivery declined 0.5 percent to $1,220.55 an ounce at 10:46 a.m. in Singapore. December-delivery futures fell 0.5 percent to $1,222.20 an ounce.
While gold is up 11% in trading this year the precious metal is expected to pare any further gains as demand for stocks, commodities and energy thin.
Binary Options Daily Review August 20, 2010
Stocks:
U.S. stocks fell Thursday as disappointing data on the jobs market and regional manufacturing added to doubts about the recovery, dampening enthusiasm that came with Intel Corp.’s $7.7 billion deal to acquire McAfee Inc.
The Dow Jones Industrial Average closed down 144.33 points, or 1.4%, to end at 10,271.21, with all 30 components in the red for the day. The blue-chip average’s loss broke two straight days of gains.
S&P 500 (1 Year)
Currencies:
Australian Dollar has lost momentum from gains Monday and Tuesday as the pair’s retreat from a 0.9080 high accelerated yesterday after rejection at 0.9020, and the pair dropped more than 100 pips lower, to find support at 0.8885, close to Monday’s low of 0.8860.
On the downside, immediate support lies at the mentioned 0.8885, and below here, 0.8860 (Aug 16 low) and then 0.8740 (Jul 21 low).
On the upside, resistance levels lie at 0.8925/35, and above here, 0.9015 (Aug 19 high) and then 0.9050.
Commodities:
Crude-oil futures finished Thursday at their lowest price since July 7 as the day’s round of macroeconomic reports showed the U.S. economy is poised to grow at a slower pace than earlier this year.
Prices had opened higher but turned lower after a Labor Department report showed a nine-month high for U.S. jobless claims. Oil dipped further after data showed manufacturing activity slowing in the Philadelphia area and a slow rise for the Leading Indicators Index.
Binary Options Daily Review August 19, 2010
Stocks:
U.S. stocks closed higher Wednesday as retailer Target Corp. signaled that it could meet Wall Street’s profit expectations through the end of the year.
Currencies:
The dollar remained even against the euro on Wednesday, but maintained losses against the British pound after minutes of the Bank of England’s latest policy meeting dispelled worries that the central bank may be considering further easing measures.
Commodities:
Gold futures shot up wednesday to a seven-week high. Gold for December delivery added $3.10, or 0.3%, to $1,231.40 an ounce on the Comex division of the New York Mercantile Exchange.
Oil futures ended lower Wednesday, now at a six-week low. Oil futures for September delivery retreated 35 cents, or 0.5%, to $75.42 a barrel, keeping above $75 a barrel after trading as low as $73.75 earlier in the day.
