IIFT Daily Note with Peter Brown

Markets are upset.

Posted by:  |  Time: 7:39 am  |  Topic:  |  Comments: 1
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There is a hell of a lot going on. Tapering in the US. Profit taking from some of the big players. Ineterest rates are rising on the bond markets. Commodities are getting thrashed due to a slow down in China. We are correcting from the easy one way street market of the first 5 months of the year.

Trading is like wind surfing. You stand on the beach and assess the conditions of the sea. Calm is boring, choppy is good, a hurricane is crazy. Looking out into this market it is definitely a hurricane. Should we be trading atall or should we let it settle down over the next week and see what emerges?

The market has to make it’s mind up as to the direction it wants to take. Are all the old worries back including banks and the Eurozone? Or will we resume the rally after a period.

The choice is yours but I still recommend a max budget of 75 points a day. You can lose your account in a market like this.

So to levels and this is a guess.  Euro good support at 1.3180/60  Resistance at 1.3300  S&P resistance at 1600  1612  1620 Support at last nights low 1577

I’m going to the pub early!

One Comment

Ross

June 21, 2013

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Alcohol will help to diminish the pain of what is coming Dow the line. But it won’t make it go away Peter.