IIFT Daily Note with Peter Brown

Is it enough?

Posted by:  |  Time: 8:36 am  |  Topic:
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We got a deal in three parts but little detail. How much did the Greeks get off, some confusion there. The bank capitalisation was as expected.

The leverage of the EFSF was lower than needed at 1trillion and there is no detail as to where the money is comming from. China maybe?

The market is taking the news well but no mad rush higher. When we get the detail I think there will be problems. The market should calm down now so don’t expect big moves. We are back to normal conditions I feel, 100 pip daily ranges. S&P tarket is 1280/1300. Us market is better.

Euro may not make much headway. Overall we have had a Sovereign default in the Eurozone, there is huge moral hazzard, the bad boy in the class got the gold star. Very unfair to Ireland. calm markets till Christmas I think, so play the technicals.

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