IIFT Daily Note with Peter Brown

A stock meltdown

Posted by:  |  Time: 7:29 am  |  Topic:
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Commentary:

Where to start this morning. It was Draghi and his comments on the Eurozone that prompted the heavy selling but as we have said here this market was in the mood for a meltdown. Successive days of high volatility, something had to happen. It is not any single event just a collection of negatives which question global growth and the US recovery.

Today we start with French Industrial Production at 7.45 am. This will kick start what will be another crazy day in the markets. Do we bounce or are we set for further falls. As I said in yesterday’s blog this is no more than a 50/50 call.

I am not posting levels this morning as they are  practically useless. The DAX fade trade is the best chance of points today.

On the dollar we have found a medium to at 1.2800 and 107.50. Hopefully we will resume the dollar rally soon. Everything we have seen from Europe this week confirms that we are headed substantially lower over time. It may take a while for the down trend to resume however.

Gold trade is good for a sell above 1230 or a buy below 1210

 

Be careful out there, this one is going to be crazy too.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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