IIFT Daily Note with Peter Brown

It’s deafening here with all this Central Bank action!

Posted by:  |  Time: 7:12 am  |  Topic:  |  Comments: 1
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That’s a bit of sarcasm to start the day. Risk Off again. No action from the ECB or the FED. Ben Bernanke held off on any suggestion he may kick start QE3. Even the rate cut in China is now being regarded as a signal of how bad things are.

The sell off has been quiet impressive. S&P is down 200 points ( Whey Hey ) Euro topped out at 1.2625 again.

Now we have to focus on the Euro divide. Merkel will provide a solution if we all sign up for a United States of Europe. Frankly outside of Enda nobody else seems to want that, they want the ECB to do QE1 without the consequences. The battle lines are drawn. This is going to runand run.

On the trading front I will be delirious if I make it through this week with a profit. I held the short S&P overnight and just squared here.

Again 1.2625 is the top side to the Euro 1.2500 is support 

On the S&P the volatility is high it is hard to find levels. On the top side is 1330 and 1265 on the bottom. Intra day 1305 to 1295

One Comment

Niall

June 8, 2012

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Some great movement last night for the insomniacs, appeared to be led by the Japanese Market at the time.

Looks like it’s Risk Off now, so traders can try to catch the falling knife but much less painful to be a seller (staying cautious of strong market news and/or economic data)

My personal favourite overnight and for the rest of the Friday is EUR/JPY