IIFT Daily Note with Peter Brown

It’s a waiting game.

Posted by:  |  Time: 7:29 am  |  Topic:
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No progress on the debt talks so the market is lower. This is the pattern. The longer it lasts the lower stocks in the US go. When it is resolved we shoot higher. I am buying on dips and will not go short, too dangerous. Add to this the fact that employment figures and the NFP on Friday may not be released or may not give an accurate figure and we are trading a single event. We do not know when this will be resolved, nobody does. Probably over the weekend. We do know that the bounce will be large and probably sustained, so the trick is to keep getting long as often as possible and dive in on a resolution.

Elswhere Italy looks better and we have PMI’S this morning. Euro looks good , 1.3700 my target there. Likewise it will get hit when the US government gets back but short term we are bid.

Levels today are:-  S&P  1687  1673   Euro  1.3525  1.3625

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