IIFT Daily Note with Peter Brown

Another summit over

Posted by:  |  Time: 7:07 am  |  Topic:  |  Comments: 2
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It is very hard to write commentary on this market at the moment. We have been at 1325 on the S&P and 1295 yesterday. Now we are at 1311?  Good gap close yesterday even though it took a long time. Normally after a summit we have an initial rush up followed by a sell off. Could be that way today.

Euro looks overdone to the topside. A Greek deal may give it a last boost north but after that I think we go lower.

Watch out for all those¬†political idiot’s talking up the market today. Have we got a date for the next crisis meeting yet!

2 Comments

Paul

January 31, 2012

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Do you think this weeks opening price will be aggressively defended once we are above it on s&p? Facebook iPo will move it up maybe

Peter Brown

January 31, 2012

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HI Paul,

It’s hard to say, at the moment we are fighting two pivots on the S&P and Euro if they break we will go higher. However bad news is just around the corner. Expect we will go Risk On and Risk off all week. Ranges 1325 to 1295.
The face book IPO will be interesting , I think it will have little impact on the market untill the actual day of issue.

Regards

Peter