IIFT Daily Note with Peter Brown

Big day for news!

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Market had a sideways day yesterday. bad news from the Ukraine was offset by a late rally in stocks due to Apple. Market finish unchanged on the day. We are heading into a choppy market today with a raft of economic data and Mario Draghi speaking at 10 am. Expect an up and down day for stocks and Wall St dominated by earning releases.

Some market analysts expecting Draghi to hint at some stimulus programme. I don’t buy it, maybe the usual ‘we are ready to act’ but that is all I expect. Euro should get a decent bounce when they find out he is doing nothing on our way to 1.3900 I think. Always bet on the ECB to do nothing, you will be right 9 times out of ten.

Stocks are mixed with the bias to the upside. May be a bit higher before we reach May. Than we can really talk about a potential correction.

Conditions today Choppy

Levels are :- S&P (JUN) 1881  1872  Wall St (DFB) 16570  16500 Dax (DFB) 9640 9560 Euro 1.3850  1.3800  Gold 1290  1280

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