IIFT Daily Note with Peter Brown

Another bad night in Asia

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Nikkei down 700 points overnight. Worries that the Japanese experiment is unwinding. market this morning is going to be nervous and in a sell mood.

It is unusual for us to have the Asian market dominate sentiment, but the size of the Japanese QE is a ‘Red or Black’ gamble on the future of their economy. A lot of commentators think it will end in tears. However in the meantime we will take are mood from what happens in the Asian session.

Market is still correcting and it is unlikely we have reached the bottom.

1600 looks  a reasonable target on the S&P (50 sma on the Daily chart)

Today levels are :- 1644  1634  1622  1600  Euro 1.3100  1.3060  1.3045

Go with the mood.

One Comment

Ross

June 5, 2013

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QE to infinity? Perhaps infinity isn’t as infinite as we first thought?