IIFT Daily Note with Peter Brown

Difficult markets in FX and Equities

Posted by:  |  Time: 7:29 am  |  Topic:
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This market will not be easy this week. We have lost our downtrend on Euro and the market is correcting. Whether this is the end of the bear market for the Euro is unlikely, however the bad employment figures from the US on Friday certainly confused the picture.

We are going to have extreme volatility and a great deal of surprises and shocks. Do we get QE3 ? Will  Spain get a bailout?  The Greek election?  These are all big questions. This market is going to fly up and down on these issues.

What we need here is some jobbing around levels. The ranges will be big and change everyday so I will try to establish them and the task is to get on board with the mood.

Euro has a top at 1.2540 and 1.2625 downside targets are more difficult 1.2460 and check Forexlive for below.

S&P 1281  1261 is the range.  Above 1288 and 1294    1261 should hold on the downside.

This is not a market for strategic views as that can change minute to minute. Get the mood and go with it, there should be 100 points + on some of thoses moves.

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