IIFT Daily Note with Peter Brown

No resolution as yet.

Posted by:  |  Time: 7:34 am  |  Topic:
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There seems to be no solution in sight to the shut down. Obama out blaming the Republicans hoping to push them to the negotiating table. So far the stand off continues. There needs to be some move towards a solution over the weekend otherwise the market will start to get really nervous. Dow is now down 700 points since the last FOMC. There is good value in stocks but as each day goes by the market will sink lower. This is a gain of chicken, got to buy it and hope a resolution will emerge when you are long. Difficult to take positions overnight, very risky, but the value is all to the top side.

Dollar also continues to slide. Heading towards that 1.3700 level. Same story here. Market is totally focused on the US story nothing else matters at present.

No NFP today. Amazing!

Levels today are S&P DEC fut  1678  1664  Euro  1.3700  1.3580

 

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