IIFT Daily Note with Peter Brown

Bernanke fails to move the market.

Posted by:  |  Time: 7:37 am  |  Topic:  |  Comments: 2
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Despite dovish comments from Ben overnight he failed to rally the market. Might be a sign that stocks are taking a break from the rampant buying of the last few weeks. 1800 and 16000 are proving to be good tops.

The dollar is slightly weaker overnight and the Euro hit 1.3580 but back to 1.3535 this morning. FX is sidelined and moves are very muted.

Expecting a slightly negative open this morning but looks pretty quiet. Sell on moves to 1800 and 16000 is the key I think.

Levels this morning.  S&P (DEC) 1794  1782  DOW (DFB) 16025  15945  Euro 1.3580  1.3480

2 Comments

Terry Pierce

November 20, 2013

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Daily candles on S&P and the DOW suggesting we might see a pull-back from the highs, the longer the we get stuck at these levels the more likely it will be.

The EUR has shown some resilience over the last week or so do you see the 1.38 handle coming back into play Peter?

Peter Brown

November 20, 2013

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Hi Terry,

I agree on the S&P and DOW.

Euro could spike higher when the debt ceiling talks come into play.
That may not be until late Dec early Jan. So possibility next move in Euro is up.
Then down as US exit QE and Europe enters QE (maybe FEB)

Peter