IIFT Daily Note with Peter Brown

FOMC today.

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The situation in the Ukraine has now settled down somewhat. Unless hostilities break out i.e. shooting the story may be sidelined for a while. Focus today will switch to Janet Yellen and the FOMC minutes out later today. Janet is a dove and is unlikely to say anything to upset the markets. Tapering will continue but that will be balanced by promises to keep interest rates low for a long period of time. She may say something about their target for employment but that will be the height of it. Market should rally if Ukraine stays out of the headlines. So bias for today is to the upside.

Due to excessive moves in the indices we are not getting many good technical points and our levels are still very wide. Hopefully we will settle for a few days  and make things easier. Again for today buy on green sell on red is the strategy the fade trade is not suitable for these markets.

Levels are : – S&P (MAR) 1875  1855  Wall St (DFB) 16400  16250  DAX (DFB) 9320  9200 Euro 1.3960  1.3880 Gold 1350 support if that goes look to reset longs around 1325  Conditions calm / choppy

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