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Climbing to new heights, the Dow Jones stock index finished the day just slightly above 16000 and this for the first time in its illustrious history. Finishing at 16009 allowed binary options traders to take up options on the break of the resistance at 16000 as we recommended earlier in the week. From a strategic standpoint, such breaks are expressly the type of breaks that should be sought by binary options traders for the simple reason that the trading behavior of indices like the DOW and S&P tend to hop over resistances and make no attempt at a pullback till at least the following day.

SP with binary options 22-11-2013

Markets were pushed higher due to some better than expected news from the employment sector in the US with the initial jobless claims surprising to the down side, meaning fewer American citizens in need of unemployment benefits. Only 323 thousand new claimants means a much better than expected figure, which centered on a number near 335k.

So looking at the day ahead which is chock full of news from Europe, but none from the US, things could be slightly more muted but still pushing to the upside today. We recommend following the S&P stock index. The index closed yesterday’s session up over 0.81% to 1795 with sights set on the 1800 level. With such a short distance to go for a break, binary options will want to keep close tabs on the progress. Most conservative traders will opt for a break strategy here due to the high momentum to the upside, which increases risk levels for reversal strategies.

If you have the gumption to try though, utilizing a reversal strategy could turn out to be extremely profitable. As the resistance is currently located at 1800, any test of this resistance would allow binary options traders employing reversal strategies to take down options on each and every test of the resistance. This will likely result in many trades until a break comes along, if at all. Because there are usually anywhere from one to tens of tests of this type, a higher frequency of tests increases the likelihood for profitable trades. But this requires the trader to utilize short term trades on and certainly not end of day options. It is recommended to keep such trades smaller as the risk level is much higher than on break strategies whereby a trader can take a longer term trade (end-of-day is usually the best statistical choice for indices like the S&P) and with it a larger stake.

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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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