IIFT Daily Note with Peter Brown

Easter Hunt

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A IIFT 2

Good Morning

Niall here, filling in for Peter for the morning.

Currently in the hunt for some good trading opportunities but this run into the Easter is not providing us with much in terms of well defined direction and value.

The cheap options are weak so prefer not to buy them yet and many of the stronger options are a little overpriced. There are ample quick scalping opportunities available for the more intense trader that are at their screens anyway. Many products are stalling at technical levels with the low Easter volumes and mixed sentiment, so some very small profits to be made here.

The main stories out there as Peter as mentioned are the Geopolitical issues involving US, China, North Korea, Syria & Russia. US Indices are not overly concerned just yet but might put a halt to any new highs happening before the close on Thursday.

Our other main story is Janet Yellen’s slowing of Interest Rate hike discussion following a slowing in Productivity and GDP growth.

Keep an eye out here each morning for a change in the mixed sentiment for some good trading opportunities.

Small DAX fade in play.

On the calendar today:

09:30 – UK CPI – Straddle

10:00 – Ger Zew Sentiment – nothing much expected here

15:00 – US Jolt Job Openings – not a lot here either

http://www.iift.ie/economic-calendar/

Comments and questions to noconnor@iift.ie

 

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S&P (Rolling Daily)

Expecting more mixed sessions expected this week which will give us ups and downs. I might find myself taking a low risk sell into a bounce later today. In between levels at the moment but some support at 2350 should hold for a while.

Conditions: Choppy Resistance: 2360 Support: 2344

Wall St (Rolling Daily)

As above. I like a small very short term sell in that 20,750 area.

Conditions: Choppy Resistance: 20,750 Support: 20,550

DAX (Rolling Daily)

DAX sliding a little each day gives the impression of some slight weakness. Should find ourselves closing between these levels tonight but levels might be lowered as week continues.

Conditions: Choppy Resistance: 12,250 Support: 12,120

FTSE 100 (Rolling Daily)

Same view as the other markets and I would probably be already short on this except that Oil is bullish on the geo-political issues which is good for FTSE. Again a very mixed market. 7360 is a strong resistance at the moment.

Conditions: Calm Resistance: 7,360 Support: 7,300

EUR/USD (Rolling Daily)

Peter is long on Eur/Usd as discussed in earlier notes. I will let him update you tomorrow on this. For now, I’d like to see this back above 10600 and it should hold alright.

Conditions: Choppy Resistance: 1.0610 Support: 1.0570

USD/JPY (Rolling Daily)

Not much here really. Quite surprising given all the NFP and Janet stories of late. With this I would be holding off on any buys here and with the geo-political issues JPY should have some strength. Very low for a strategic sell though. Scalp to the sell side here is the better option if I had to say.

Conditions: Choppy Resistance: 111.00 Support: 110.20

EUR/GBP (Rolling daily)

Bias to the sell side but too low for strategic trades here. Scalps available. Near short term support at the moment.

Conditions: Calm Resistance: .8550 Support: .8520

GOLD (Rolling Daily)

Just like Peter, I do not like a short trade with the political tensions between US and Russia etc. 1250 good support level and should hold today.

Conditions: Choppy Resistance: 1270 Support: 1250

SILVER (Rolling Daily)

A lot weaker than Gold and looks stuck at 18.00. Nothing here for me at the moment.

Conditions: Choppy Resistance: 18.00 Support: 17.60

 

Strategic trades picture1

Bought EUR/USD @ 1.0640 Stop @ 1.0540 no target yet

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