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Binary Trading Strategy 13 Nov 2009

A disappointing day for equities yesterday as most indices failed to consolidate above the highest levels for 2009 posted on Nov 11th.  The FTSE 100 has struggled with the 5300 price handle for the past month and failed to close above it once again yesterday.  Early trading indicates that the FTSE 100 will open 0.3% lower.  Although the Dow gets the headlines traders follow the S&P500 much more closely which again failed to close above the 1100 price point – having already failed at this level in October.  With the weekend ahead traders may decide to bank any profits as risk aversion returns to the markets.

Although gold prices took a tumble (hardly surprising given their recent steep rise) they are still managing to hold above the $1100 per ounce price point.  Forex markets are very quiet today with the Aussie Dollar the only pair offering any sort of movement in early trading.

Bet idea:

With gold only just holding above the $1100 price handle and the uptrend just about intact and not looking parabolic then the current slump could be used as a buying opportunity.

Today’s Potential Market Movers:

Today’s top announcements are German GDP figures at 07.00 GMT which could elicit a response on the DAX as well as the EURUSD.  Then at 13.30 GMT we have Trade Balance numbers for Canada and the US which are released simultaneously.

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