IIFT Daily Note with Peter Brown

Markets rally hard on Syria solution.

Posted by:  |  Time: 7:33 am  |  Topic:  |  Comments: 2
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We have had a big rally over the weekend as the Syrian situation gets resolved without conflict. We have switched over to the DEC future on the S&P and tech levels will be difficult this morning. The cash market is up at 1705 having been at 1711 overnight. All this ahead of the FOMC Tuesday , Wednesday. This is going to be some week.

Ahead of the FOMC the market should trade sideways but at these high levels. There is bound to be some serious volatility.

Elsewhere the dollar has weekened against the Euro amd JPY.

Best advive for trading is to go with the mood and bank small profits. Wednesday is the key to the medium term outlook.

Levels today are S&P 1704  1690  Euro 1.3420  1.3320

2 Comments

Terry Pierce

September 16, 2013

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Good advice above I would have to agree with you in terms of market direction until Wednesday. I think we might see another move to the upside today off the back of the Syrian & Summers news over the weekend.

I have been in the same train of thought as you over the past couple of weeks favouring the downside but the market keeps moving higher. I think as you mentioned last week when you are tuned out its best to sit in cash. I do believe that this market will take a correction in the next few weeks whether it will be Wednesday we will have to see.

    Peter Brown

    September 16, 2013

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    Hi Terry,

    I agree with you and Brian feels the same. This market is crazy up here. But better to wait till the selling starts than to try to find the top.
    We are at amazing levels especially on Euro bourses DAX and IBEX.
    Patience is the key our time will come.
    Peter