IIFT Daily Note with Peter Brown

Milestone reached, time for a breather?

Posted by:  |  Time: 7:42 am  |  Topic:
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Dow reached 16,000 S&P 1800. Major milestone reached and as is the market’s norm, a rest is called for. We have rallied hard for the past few weeks and now may be the time to take some stock. Some mixed messages about tapering doing the rounds and this was enough to stall the rally. Tricky day ahead as the market may get in the mood to correct. Nothing major but a few hundred point fall from the highs would be normal.

Some economic stats out in Europe this morning to take note of. Mood will be key , if the market starts off lower the selling may gain some momentum.

So a down day is possible. Not a major trend change but more a profit take. The market today is a 50/50 bet and the best advice is to go with the candles.

Levels are S&P 1792  1784  (DEC)  Wall St (DFB)  15995  15930  Euro 1.3540  1.3470

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