IIFT Daily Note with Peter Brown

Good news everywhere.

Posted by:  |  Time: 7:50 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

More positive stats from the US and a chance the ECB will do a U-turn on austerity and try to stimulate growth into the Eurozone economies. Today is triple witching which means futures contracts expire and roll into new ones. Always a tricky day and expect anything to happen. We open up in Risk On mode. Everything is up and looking good. bad news is hard to find so the initial feeling is we will have another day like yesterday. S&P and Dax flying. Dollar a little weaker, Euro higher.

If the ECB has changed their focus to stimulate growth and ease the deficit targets it should be Euro negative , so don’t get excited about Euro strenght.

Today is a market to job, as I say anything can happen. The market certainly looks like a buy on dips as the mood is so strong, however we have had a mega run on stocks and today could be a correction. Confused? Err on the buying side but expect anything, thats Triple witching.

Levels are S&P June 1559  1562 support at 1554 1552 1548

Euro 1.3100 1.3060  support 1.3000  1.2980  1.2920

IBEX, got out of the way yesterday, thank god. Will only sell today if there is some unexpected bad news.

USD/JPY  95.50 support 96.50 resistance, bit side ways at the moment , buy on dips.

Comments are closed.