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BREAKING RESISTANCE

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Markets continued to express distaste for the current economic condition and showed this with more severe declines in the US indices on Friday. The correction was felt across all major markets so it wasn’t an isolated event associated with the US. Across Europe, all the major stock indices headed downward and showed no interest in the upside of things. It was all about corrections in other markets outside of stocks as well with forex pairs like the EUR/USD and GBP/USD heading down slightly after the massive move higher seen this past Wednesday. These and other USD crosses have been unable to leverage the move from Wednesday and have been relatively quiet.

 

But despite the correction, most of the major indices in the US, at least, are showing strength by maintaining key support levels. For the S&P, that level is again 1700. The break on Wednesday allowed binary options traders to take up options on the break of 1700 but now with the market looking to continue its corrective movement, it looks as though the level will again come into play this week but this time to the downside. A break below 1700 to the downside should allow binary options traders to take down options with what looks to be a very low risk trade.

 

For the time being, and at least, the EU session completes, this looks to be the case. Of course, some positive news could lead to an impact on the trend. But there isn’t very much news expected for the day ahead and this could lead to sever negativity. Either the EU session is marked by this continuation or something ECB (European Central Bank) President Mario Draghi says at 13:00 GMT suddenly changes everything. Forgive us for being skeptical, but it’s rather rare for the ECB to do anything outside the box and as such, we expect nothing in terms of market moving news. Basically, don’t expect this or any speeches or news to be able to do much for the current trend. As such, it’s going to be all about corrections today.

 

120.38 is the current resistance for the stock Boeing (BA) which we have tried to report on with numerous analyses over the last month. The reason we’ve taken such an interest in the stock of late is the incredibly accommodating behavior of the price action of the stock. Normally, this stock is rather a stick in the mud and gets dragged through tight ranges. We usually steer clear of such quiet stocks, even if they are performing very well. The reason is that binary options traders require stocks and other assets to preform on break, everything else is a waste of time. It’s just a question of how the asset behaves during a break. It’s why we oh so love the US stock index the S&P. Boeing of late has done the same and binary options traders can count on this asset to make the most of the upcoming break. We expect the stock to break and rather soon. The correction from Friday is temporary and the stock still looks very solid.

 

BA with binary options 23-9-2013
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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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