IIFT Daily Note with Peter Brown

Market tests the downside.

Posted by:  |  Time: 7:46 am  |  Topic:
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We had a downside day yesterday. based on little news it has to be said but the market still put in a 200 point fall from the highs. Crimea seems to have settled as a story and we now move on to data later in the week which will determine whether the recent spate of bad news was weather related or not.

Little to focus on macro wise and the recent ranges are set to continue, even if they are volatile. In reality we are going nowhere fast. Not enough momentum to create new highs and not enough worry to sell off consistanly.

Gold was the big mover yesterday and fell into the 13020/08 buy area. Interesting to see if the gold bulls are still around, certainly taking that trade myself. Break below 1300 would be bad.

Trading conditions today are calm/choppy some news releases due, should keep the market moving

Levels are S&P (JUN) 1855  1840  Wall St (DFB) 16375  16215 Dax (DFB) 9330  9160 Euro 1.3800  1.3880 Gold 1342  1308

Levels are very wide, best I can do. Go with the mood.

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