IIFT Daily Note with Peter Brown

Non Farm payrolls today.

Posted by:  |  Time: 7:56 am  |  Topic:
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A profit take at close last night as the FOMC minutes suggested an end to QE towards the later part of this year. The market used the news to take some profit on long S&P positions. Resistance held at 1462 throughout the day and the sell off held at 1450.

Euro continues to be sold and the QE news helped dollar strenght. 1.2980 is a good level of supprt 1.3050 is resistance.

Should be fairly quiet this morning ahead of NFP at 1.30pm.

We are expecting 150k, a fairly bullish expectation. Above 160k will see a test of 1462 high and a break here will lead to 1500 over time. Below 140k the profit taking will accelerate 1440   1430 targets. Between 140/160 go to the pub.

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