IIFT Daily Note with Peter Brown

No agreement yet

Posted by:  |  Time: 7:14 am  |  Topic:
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Sunday came and went without agreement. The markets however are reacting to the fact that at last serious discussions are taking place. They now have till Wednesday. Whether they will reach the type of agreement the markets need is anybody’s guess. ¬†They need to agree a Greek haircut and a leverage mechanism for the ESFS,

In the meantime I would not fade this bounce. The move I want is after the agreement is reached or a failure. That direction will be more sustained. The market will be very thin for the next few days. Expect reactions to comments which will be many.

Getting to the stage where an agreement is priced in, so failure will bring the biggest reaction.

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