Binary Options Daily Analysis – Focus Shifts to Greece as Debt Deal Remains Elusive

Sep 8, 2011


Friday’s strong jobs data gave Asian markets an opening boost on Monday. The Nikkei and ASX 200 both climbed 1.1%, while the Kospi surrendered an early gain to end flat. China’s Shanghai Composite also closed flat, while the Hang Seng eased .2%.

European markets slipped slightly as anxiety overGreece’s debt troubles pulled down financials. The CAC40 fell .6% the FTSE eased .2% and the DAX ended flat as Greece policymakers struggled to reach an agreement with debt holders, even as the official deadline for a deal passed.

Back at home, US stocks opened lower but erased most of their losses as the session progresses. The Dow settled down 17 points to 12845, the Nasdaq dipped .1%, and the S&P 500 settled down fractionally at 1344.

Humana shares sank 5.4% on disappointing revenue, even though profits met analyst estimates.

Regulators are considering blocking Express Scripts buyout of Medco, pressuring shares in both companies. Medco tumbled 8.1% and Express Scripts shed 4.6%.

Treasuries and Commodities

Bonds posted moderate gains, recovering some of Friday’s losses. 10-year notes gained 7/32 to yield 1.90%, and 30-year notes advanced 21/32 to yield 3.08%.

Natural gas rallied 2.6% to 2.563, and gasoline climbed .9% to 2.94, while crude oil declined .6% to 97.21.

Gold and copper fell .9% to 1724.19 and 3.865 respectively, while silver slipped .2% to 33.685.

Gold Slumps as much as $50 in 2 Days


The Dollar had rallied earlier in the morning, but those gains evaporated as the day progressed. The Euro declined .1% to 1.3133, recovering from a low of 1.3031. The Pound rose .1% to 1.5828, the Australian Dollar edged up .2% to 1.0730, and the Canadian Dollar climbed .3% to .9960. The Yen fell .5% to 76.56, and the Swiss Franc slipped .2% to 1.0886.

Economic Outlook

Pressure is mounting on Greeceto secure a deal before time runs out, triggering a default. Greecehas until March 20th to make a payment of 14.5 billion euro, or it will default. A deal for a 130 billion euro bailout has been pending since October, awaiting concessions fromGreece.

Tuesday’s light economic calendar will include the TIPP economic optimism index, and consumer credit. Earnings are scheduled for Coca-Cola. Gartner, and Vitesse Semiconductor.