Binary Options Bulls In Control 11/20/2012
US stocks scored large gains on Monday as market fears over the dreaded fiscal cliff diminished. The Dow Jones Industrial Average was up 207 points to 12,795. The S&P 500 Index soared 27 points to 1387. The NASDAQ tech index leaped 63 points to 2916.
In economic news on Tuesday, the Reserve Bank of Australia (RBA) is due to release the minutes of its November board meeting, RBA governor Glenn Stevens is scheduled to deliver a speech at the Committee for Economic Development of Australia (CEDA) Annual Dinner in Melbourne, and the Australian Bureau of Statistics releases its international merchandise imports for October.
Oil prices spiked as the Israel-Gaza conflict intensified. US crude oil rose $2.52 to $89.44. Gold prices rose $19.40 to $1734.40 a troy ounce on the Comex. In a filing with the Securities & Exchange Commission, George Soros increased his holdings of gold.
Apple stock jumped 7.2 percent to $565.73 on signs that the recent sell-off was overdone. Many analysts still see Apple stock eventually reaching $1000 on strong consumer demand for its products.
Australian stocks are firmer with market gains being lead by the resource sector. The ASX200 was last up 23.5 points to 4384.90.
The Reserve Bank of Australia said that further rate cuts maybe considered. In the minutes of its November 6 meeting released today, the RBA said improved conditions in the global economy and hints of higher inflation had prompted the bank to keep its cash rate at 3.25 percent. Higher prices were also seen in the September quarter.
The Australian dollar largely ignored the RBA minutes and held the 1.04 level to the US dollar. Outside bullish markets provided greater influence as risk on sentiment prevailed. The IMF is considering adding the Aussie and Canadian dollars to its list of reserve currencies.
BHP Billiton was last up 36 cents to $33.57 and Rio Tinto was up 74.5 cents to $57.455.
Yesterday Moody’s cut France’s AAA credit rating. As a result, more money is looking to flow into Australia because of its strong AAA rating.
The strong market rally yesterday rewarded binary option call buyers. That trend looks to continue today as markets made some key reversals. This is a holiday shortened week in the US due to Thanksgiving, so volumes will be light. Fed Chairman Bernanke speaks today in the US and that will provide some further direction for prices.
Good luck and happy trading! Be sure to check back for the latest update!
