IIFT Daily Note with Peter Brown

Expect a volatile day in FX and Equities

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The market went Risk On, Risk Off a few times yesterday. Finishes on a bear note though.

Today is going to be wild. the chance of a No Vote from Ireland and the Non Farm Payrolls at 1.30pm. On the Payrolls we are expecting 150K but any number could be delivered here.

This is going to be wild as I said, we could see large movements. Yesterday the S&P went 1315 to 1298 to 1318 to 1300! Expect more of the same today. If the payroll is below 130K we should take out 1298 support. Beware of those expectations of QE3 it could cause a bounce. Overall if will have to be 180K plus before I would consider a buy.

On the Euro. Sell on Rallies.It’s  making money everyday. 1.2322 low overnight. Irish vote is important so be carefull. A no vote will cause heavy selling whereas a yes vote should be a muted response. 1.2375 is resistance.

Helmets on and have a good day. A day for stops but if you get on the right side, the points should be substantial. Market will get very thin and nervous late in the afternoon.

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