IIFT Daily Note with Peter Brown

Market stabilises, Gold still falling.

Posted by:  |  Time: 7:37 am  |  Topic:
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Well the S&P put in an impressive 200 point rally. The follow through negative sentiment failed to materialise. We have to regard the bull run as still intact. It seems the lack of return in other asset classes will keep the stock market supported. Where else would you put your money? Gold however is still soft but the market has managed to de-couple from the sell off.

Elsewhere Euro has benefited from the JPY selling and looks set to continue. Usd/Jpy recovered well from it’s 96.00 low and posted 98.50 overnight.

The market is very volatile and these big moves are hard to trade. We have had one bear day followed by a bull day. Today is the decider. It will be another tricky day with the market liable to do anything. Not ideal conditions for trading by any means.

Again wait for the sentiment and go with that. It looks like a positive day but be careful.

Levels are still tricky due to the wide trading ranges.

USD/JPY 98.50  97.50  Euro/Usd 1.3200  1.3140 1.3125  S&P 1570  1560  1556

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