IIFT Daily Note with Peter Brown & David McWilliams

It’s a waiting game

Posted by:  |  Time: 7:38 am  |  Topic:  |  Comments: 1
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Yet again the market steps back and awaits a leaders summit. Whether it’s a G20,  G7 or a Eurozone leaders summit like Thursday/Friday, the outcome should be the same- hype followed by no action. This one might get a bigger hype because the game is getting more serious. But the chances of concrete resolutions- very small.

In the meantime we trade. Yesterday saw a test of 1300/1304 levels. This has held well before and should do again. 1.2460/80 on the Euro has the same qualities. Buy at those levels today with small stops. Nothing dramatic untill Friday.

One Comment

Peter Pipesmoker

June 26, 2012

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As usual can’t see much coming out of this Summit and there will be some degree of resistance to more Political Integration . Mostly the Markets and leaders want some sort of Bond Buying and ECB intervention on a grand scale to sort the Crisis out . It won’t happen , but a row might this time because the pressure is really beginning to come on . That leads where ever
it leads to . The might think one last fudge will work and will find the Markets turn on them calling time this time . Yours Peter Pipesmoker from Ennis .