IIFT Daily Note with Peter Brown

Negotiations begin.

Posted by:  |  Time: 7:59 am  |  Topic:
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Some progress last night as the first meeting take place. At least they have started to talk. The market took a bounce from the new lows posted late afternoon.

Once these talks start we play the game of ‘any progress’. This may take some time and expectations of a deal done will be leaked and denied. We are entering a fitfull period of speculation on the outcome. Expect the market to rise and dive over today and tomorrow. the bias will be on the upside because the market is convinced adeal will be done and we will not breach the 17th October deby deadline.

If we come back Monday without a deal than all bets are off. The market will get very nervous. But for today and tomorrow , jobbing with the bias to being long.

Levels today are  Euro 1.3525  1.3480  S&P (DEC) 1668  a long way off. 1658 is resistance but pushing at it now  1642 support, Wall ST (DFB) 14940  14880  support at 14740

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