IIFT Daily Note with Peter Brown

Good correction achieved?

Posted by:  |  Time: 7:38 am  |  Topic:  |  Comments: 2
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We have reached a major low on the S&P 1648/50 area. Is this it for the correction? Very quiet day on the economic front so traders will have a chance to make up their mind without distractions. Could be a pivotal point in the year. If the market chooses to sell lower than these levels the correction may continue for some time. However if we survive here and bounce we may have a major support in place.

So an important couple of days ahead.

Elsewhere the dollar is showing some weakness against the JPY and Euro. Side ways trading is most likely unless we get a big bounce in equities.

 

Levels starting this morning  are    S&P  1660  1648/50    Euro  1.3345  1.3310  looks quiet

2 Comments

Ross

August 19, 2013

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Going lower I would say. What has this market got to be happy about exactly. Any slight improvement in numbers and its off to the races. D day is coming… Beginning to sound like a broken record here, but it is and no amount of stimulus can stop it. Peter Schiff will be right yet again.

Peter Brown

August 19, 2013

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Hi Ross,

In the back of my mind I have this view. Can’t convince myself yet that we will melt down.
Mauldin shares your view of the risks. can’t ignore the possibility but will not trade that view until it materialises.

Peter