IIFT Daily Note with Peter Brown

Jobs data good enough for a bounce

Posted by:  |  Time: 7:32 am  |  Topic:  |  Comments: 2
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Friday’s NFP although as expected was good enough to rally the market 200 points. mainly because the market had the idea the figure would be poor. This followed through to last night and the Nikkei and it is now 800 ponits higher than when the figures were released. Incredible volatility for little news.

The market is putting in major falls and rises and the indecisive outlook is set to cintinue. We are not ready to return to the buy only market and it looks unlikely we will fall off the cliff either.

So expect big moves and wide ranges but without a clear direction.

Today levels are S&P 1660 1645  1634  Euro 1.3300  1.3230  1.3180

2 Comments

Lawrence Carvalho

June 11, 2013

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Hi Peter,

I did a bootcamp last year. Is this the end of a bear market by the end of this week?

Lawrence

    Elva Burns

    June 11, 2013

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    Hi Lawrence,
    Unlikely if bond markets keep getting sold.
    This is now a bond story. Watch the US bond market for direction.
    I will update this story in detail on my blog tomorrow

    Regards

    Peter