IIFT Daily Note with Peter Brown

Bad NFP, market unchanged.

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We got a surprise figure on Friday for Non Farm payrolls , below 100 k. market sold initially as expected and then bounced on the tapering story. We more or less finished unchanged on the day on the S&P. Dollar took a bit of a hit and the Euro bounced once again.

It now seems fairly clear it will take something very serious to knock the stock markets negative. So we are in a buy on any dip scenario. Low interest rates support and fund managers see no need to sell their portfolios.

Today might be a calm market, not much on the way of news.

Levels are  Euro  1.3700  1.3650  S&P (MAR) 1838  1830  Wall St (DFB) 16460  16380

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