IIFT Daily Note with Peter Brown

Deadlock continues. We are going to the wire.

Posted by:  |  Time: 7:30 am  |  Topic:  |  Comments: 1
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Who talks to who is now a big part of the budget talks. Everything put on the table so far has been rejected. Yet the market continues to think a last minute deal will be struck. I have to agree as the prospect of no deal is simply ridiculous. However we are going down the wire. We start this week with nothing agreed and only three days to go. The market recovered strongly late last week but today looks set to be nervous. Market sold off on open last night and we will wait and see how we open on Europe this morning.

Hang on to your hats this is going to be a roller coaster ride for a couple of days. 100+ point moves may be common. As we say here we are about to wind surf in a hurricane.

Mood is important this morning, go with the flow. Afternoons will be tricky because we are only one announcement away from a massive rally.

Levels today are  S&P (DEC) 1700  1680 Wall St (DFB) 15265  15100  Euro 1.3580  1.3520

One Comment

Ross

October 14, 2013

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Dog and pony show continues….