IIFT Daily Note with Peter Brown

China and Japan leading markets lower.

Posted by:  |  Time: 7:41 am  |  Topic:  |  Comments: 2
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It’s suddenly all about Asia and the slowdown in those economies. Commodities taking a bath , iron ore and copper. A bad sign for growth globally. US market sold off heavily yesterday and it seems we have put in a medium term top. Will this correction take hold and lead to a serious adjustment lower? Well this morning we are probably opening a bit too low and may bounce a bit. I am a seller on rallies on these markets and will look for a bounce to enter. Elsewhere gold is off to the races breaking 1350. That is now the support level and expect a move to 1380 soon.

Today will be Choppy even without any significant news. Market is in bearish mood s0 bounces need to be faded.

Levels are : S&P (MAR) 1882 big top  1870  1863/60 support ( if this levels goes this morning it will be hard to recover any upside)

Wall St (DFB) 16370  16300  DAX (DFB) 9300  9200 Gold 1350 support  Euro 1.3900  1.3825

2 Comments

David

March 12, 2014

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Hi Peter
Any idea where we may find support on the dax

Regards
David

Peter Brown

March 12, 2014

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Hi David,

Around here 9200 9180 Market is very bearish China Crimea etc.
Support in S&p and wall St also here. Hoping the Americans will bounce the market so I can get short. No interest in long positions. Too low at these levels to sell. Should get a small 40/50 bounce .

Peter