IIFT Daily Note with Peter Brown

Markets come off the highs

Posted by:  |  Time: 7:29 am  |  Topic:
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A relatively stable trading session yesterday compared to recent volatility. markets were close to year highs but failed to move ahead. A slight sell off in equities. Maybe we are about to settle down. Poor figures again from the Us, Empire State and housing. Are we seeing weather effects or is the US economy slowing down? We need to see a couple of months of data to answer that one.

A quiet trading session ahead I think, no big news due so we may range for today. Elsewhere Euro is very strong breaking 1.3750 resistance and heading towards major resistance at 1.3815. Cannot get in the way of this one at present. Bond flows are the main reason for the up move and some dollar weakness.

Trading today Calm/Choppy. Levels are Euro 1.3800  1.3740  S&P (MAR) 1840 1832 Wall St (DFB) 16170  16090

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