IIFT Daily Note with Peter Brown

Market may stabilize ahead of FOMC

Posted by:  |  Time: 8:01 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

We fell again yesterday but did not collapse. We are forming a flag off Fridays down move. The most likely scenario is we go sideways ahead of Mrs Yellen tomorrow. That range may be wide but ahead of further news the taper outcome will be the key this week. Expect volatility to continue for a while and especially on stock markets.

The dollar is due a bounce and watch for that against the JPY especially. Eur/Usd capped for the time being at 1.3700. Again the outcome from the FOMC will be key.

If the market does not sell off at 8am ther could be a decent bounce in indices.

Conditions choppy levels are Euro 1.3710  1.3660  S&P (Mar) 1790  1770  Wall ST (DFB) 15950  15800

Comments are closed.