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Binary trading looks at Growth and XOM today

Binary traders across the world should take not of the recent uptrend in the US markets. The fact that there was a significant correction a few weeks ago should only add momentum to an already optimistic market. The dynamic of the current uptrend is by no means a classic one due to the fact that it isn’t uniform. By this we mean that the uptrend isn’t stable and across all US markets. For example, we have seen a number of days where despite strong increases in the Dow index, the Nasdaq might actually weaken. This has been due to the fact that the Us economy isn’t exactly growing in the same manner as has been the case in the past where both technology and manufacturing rise. Although, in the past, the rise of both of these industries was not uniform, they were at least correlated in slope, however now it’s only tech stocks pushing the market higher.

As such, the Nasdaq index should continue to make stronger strides towards new highs for traders in the coming weeks and months. Some are even calling the rise in the technology stocks a “boom” already. Generally, analysts who see such increases in just one sector get concerned and call for the market to calm down. This has also been done by past Federal Reserve Chairman, Alan Greenspan who in the 90s told the market “to curb their enthusiasm” as the tech bubble inflated to epic proportions. This time around, however, things might actually be even more concerning. We mention this on this Monday morning for one simple reason; no other sector is showing growth and the GDP is not making strong moves upwards as would be expected.

The fact that the GDP only rose by 2.2% as opposed to the expected 2.5%, as was reported this past Friday is what leads us to be concerned about the current uptrend. Markets shrugged off the slowing GDP and apparently looked only towards earnings reports from specific stocks which assisted to push markets higher on Friday and look to do the same today. Asian stocks are already pushing higher today and it appears that the Asian markets will finish April on a high note after March was a significantly bad one.

Today specifically, we have some news coming from the US in the form of the Chicago PMI. However, this is not an indicator that has the ability to push the stock markets in any significant direction. We don’t expect the indicator to have much of an affect on the forex market either as the EUR/USD is slightly higher since Friday and is currently hovering near 1.3240.

Binary traders may want to focus solely on those stocks showing strength or at least the capacity to continue the uptrend. Stocks like Apple (APPL) and Exxon Mobile (XOM) are good choices for this outlook as trying to gauge a correction is simply a much harder task.
XOM specifically is showing strength and has a good opportunity to break the 87.5 level today or tomorrow. It is a stock that we watch regularly so look for this one in the coming hours.

XOM binary options trading signals today

XOM binary options trading signals today

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