IIFT Daily Note with Peter Brown

Market takes a pause.

Posted by:  |  Time: 7:32 am  |  Topic:
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We finally ran out of steam to the upside yesterday after reaching 1690 on the S&P. We are still no closer to answering the ‘will we taper’ argument. I expect some sideways to lower trading over the next few sessions until mad Wednesday next week. This FOMC is going to be crazy. Some are still suggesting there will be no tapering. The next few days are likely to be mixed. The sooner we get this out of the way the better as we may have a clear direction. Remember the debt ceiling talks are around the corner and Syria still boils.

On the stats today Retail sales at 13.30 is about it. Watch for the European open for the morning mood.

Levels are S&P 1690  1678  Euro 1.3320  1.3220

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