IIFT Daily Note with Peter Brown

A Yellen rally

Posted by:  |  Time: 8:03 am  |  Topic:
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Good start Janet! Market has rallied into her first address today at 3.00pm. I expect her to state that she will continue withdrawing Qe but is going to keep interest rates low for a considerable time. What the market is expecting. Stock put in a good rally yesterday and we are back to 1800 on the S&P this morning. Big levels ahead (1809/11) but the mood has certainly stabilised since last week. DAX has been under-performing so watch it for sentiment first thing. Do not expect a major move this morning , we may trade sideways ahead of 3.00pm. The market will get excited when she speaks but expect very little. may be a chance for an outside trade.

Conditions today Calm this morning Choppy this afternoon. Fx range bound.

Levels are Euro 1.3700  1.3620  S&P (MAR) 1809/11  1802  1786  Wall St  (DFB) 15900  15800  15735

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