Binary Options Trading analysis written by David Frank - BinaryOptionStrategy
Markets
The Dow Jones rallied 166.36 points, or 1.45 percent, to close at 11,644.49, finishing firmly in positive territory for the year.
The S&P 500 jumped 20.92 points, or 1.74 percent, to close at 1,224.58, its best week since Jul. 2009. The NASDAQ rose 47.61 points, or 1.82 percent, to end at 2,667.85, also higher for 2011.
DJIA CHART
FOREX
The Canadian Dollar remains tied to the trends in market wide risk sentiment, with the price showing a strong correlation to the S&P 500 stock index. Looking ahead, this puts the spotlight on the evolution of the EU debt crisis as well as economic data out of the US, with the health of the world’s top economy seen as a proxy for the state of the global recovery. On the former theme, the tone will be set by the outcome of the weekend’s G-20 finance ministers’ meeting. For the latter, a busy docket of scheduled releases on the economic and corporate earnings calendars will be a tell all.
Hopes were running high ahead of the weekend G-20 summit amid rumors that policymakers will be discussing plans for an expansion of the IMF’s role in managing the EU crisis by using it as a vehicle to assist emerging economies including China and Brazil to help relive funding pressures in debt strapped EU nations. Newswires suggest a final announcement on the scheme would wait until the G-20 meeting on November 3 to account for whatever EU officials produce at their own sit down on October 23. However, traders are hopeful that something supportive would surface.
USDCAD Chart
COMMODITIES
Benchmark crude rose $2.57, or 3.1 percent, to end at $86.80. That’s the highest level since Sept. 20.
Brent crude, which is used to price oil from foreign countries, rose $3.57, or 3.2 percent, to finish at $114.68 in London.
Prices jumped after China said its inflation rate dropped last month. This giving Chinese leaders room to further stimulate the country’s economy without overheating it.
Gold closed up $40 on the weekk. Today it closed above the 20 day MA for the first time since mid-September. The key next week will be a close above $1692. A fail of that, look for a trade back to $1600.
Gold Chart
EQUTIES
Ubiquity Networks soared more than 15 percent in their market debut after the wireless equipment maker broke a two-month lull in the IPO market. Also, on the earnings front, Mattel posted sales that topped estimates. However the toy company’s profit only came in line with expectations. This was due to higher costs of making and packaging toys.
Markets
The Dow Jones rallied 166.36 points, or 1.45 percent, to close at 11,644.49, finishing firmly in positive territory for the year.
The S&P 500 jumped 20.92 points, or 1.74 percent, to close at 1,224.58, its best week since Jul. 2009. The NASDAQ rose 47.61 points, or 1.82 percent, to end at 2,667.85, also higher for 2011.
DJIA CHART
FOREX
The Canadian Dollar remains tied to the trends in market wide risk sentiment, with the price showing a strong correlation to the S&P 500 stock index. Looking ahead, this puts the spotlight on the evolution of the EU debt crisis as well as economic data out of the US, with the health of the world’s top economy seen as a proxy for the state of the global recovery. On the former theme, the tone will be set by the outcome of the weekend’s G-20 finance ministers’ meeting. For the latter, a busy docket of scheduled releases on the economic and corporate earnings calendars will be a tell all.
Hopes were running high ahead of the weekend G-20 summit amid rumors that policymakers will be discussing plans for an expansion of the IMF’s role in managing the EU crisis by using it as a vehicle to assist emerging economies including China and Brazil to help relive funding pressures in debt strapped EU nations. Newswires suggest a final announcement on the scheme would wait until the G-20 meeting on November 3 to account for whatever EU officials produce at their own sit down on October 23. However, traders are hopeful that something supportive would surface.
USDCAD Chart
COMMODITIES
Benchmark crude rose $2.57, or 3.1 percent, to end at $86.80. That’s the highest level since Sept. 20.
Brent crude, which is used to price oil from foreign countries, rose $3.57, or 3.2 percent, to finish at $114.68 in London.
Prices jumped after China said its inflation rate dropped last month. This giving Chinese leaders room to further stimulate the country’s economy without overheating it.
Gold closed up $40 on the weekk. Today it closed above the 20 day MA for the first time since mid-September. The key next week will be a close above $1692. A fail of that, look for a trade back to $1600.
Gold Chart
EQUTIES
Ubiquity Networks soared more than 15 percent in their market debut after the wireless equipment maker broke a two-month lull in the IPO market. Also, on the earnings front, Mattel posted sales that topped estimates. However the toy company’s profit only came in line with expectations. This was due to higher costs of making and packaging toys.