IIFT Daily Note with Peter Brown

Another dip and rally

Posted by:  |  Time: 7:00 am  |  Topic:  |  Comments: 2
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This S&P is a laugh. Another dip down mainly driven by Draghi and a weakening of the Euro. What Draghi said that the market took so negative is a mystery. It looks like trading bots took over and sold off as he spoke. Euro fell 200 points.

Macro wise a think the Euro is more likely to rise. GBP and JPY are the currencies being actively devalued. You have to buy something. Italian and Spanish news is not good which may have some effect but I am not turning into a Euro bear just yet.

S&P is performing well on every sell off. We have not made new highs but are ranging. Buy the dips.

Keep an eye on Euro developments especially Spain and Italian bond yields. This market will have a mood this morning. Find it before trading.

2 Comments

Elmarie

February 8, 2013

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Hi Peter,

I’m starting to see why you like the S&P. In the last month (23 days) it dipped and bounced 11 times between 12h00 and 16h00. What a pleasure.

Peter Brown

February 8, 2013

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Hi Elmarie,

Sometimes the market is easy and we do not need to get too technical.
This is the way with the S&P lately.

A time for gains
Thank you for the post

Peter