IIFT Daily Note with Peter Brown

ECB and initial jobless claims today.

Posted by:  |  Time: 7:08 am  |  Topic:  |  Comments: 1
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Yesterday saw a good deal of volatility. S&P 1405 to 1389 back to 1398. Market can’t make up it’s mind, conflicting signals to growth in the US and Europe getting worse again.

Today we have a couple of signals which should help with direction. Firstly Draghi’s press conference will gve some indication of the ECB’s view of the market and stimulus measures if any. We also have initial jobless claims from the US, a nice warmup to tomorrow’s Non Farm payroll.

Expect a pretty quiet market this morning leading into 1.30pm. Then it’s go with the flow. Trying to anticipate a direction with such important events is a waste of time. There is enough movement in the market to follow the herd. Expect good 100 point moves when they occur, so plenty of time to get in when the direction is established.

One Comment

Shane Fitzgerald

May 3, 2012

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Many thanks Peter,very clear tactics for many markets that have been very side ways up to now.