IIFT Daily Note with Peter Brown

Market put in a small correction.

Posted by:  |  Time: 7:38 am  |  Topic:
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Triggered mainly by the DAX early on, the market took some profit yesterday. At one stage it looked like we might sell off heavily, but a rally at close calmed the market down. Good figures again in the US re-opened the debate of early tapering.

Today we have Eurozone PMI’S and GDP, jobs figures this afternoon. So the volatility is set to continue. We may bounce a bit this morning but run into figures early. They will determine the direction of the Euro session. Expect anything but not a collaspe, I think the market is too stable for that.

The Euro reached 1.3615 yesterday but I still favour the downside heading into Draghi tomorrow.

levels today are  1.3615  1.3540  S&P (DEC) 1800  1786   DOW (DFB) 15975  15860

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