IIFT Daily Note with Peter Brown

Europe negative ahead of Ben

Posted by:  |  Time: 7:40 am  |  Topic:
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Market is not expecting much from Mr Bernanke this evening judging by yesterday’s price action on the S&P. In fairness it wasn’t helped by negative tones from Europe which have continued this morning.

We are now sitting close to the bottom end of all ranges S&P 1395   Euro 1.2485   Gold 1650

These supports should hold unless we get more bad news from Europe. Keep an eye on Spanish bonds, yields rose there yesterday and are at 6.61 this morning. Mutterings about bonds and buying programmes from all insundry will keep the main focus to the fore, and that is Draghi next thursday.

Don’t think Bernanke will do much, may get a small bounce followed by a selloff.

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