IIFT Daily Note with Peter Brown

Optimism raised as talks begin.

Posted by:  |  Time: 7:53 am  |  Topic:
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Although there was no concrete evidence of progress yesterday, the market did not wait. As soon as there was news on negotiations were underway the market took off like a rocket. It looks likely they will come to a deal to raise the debt ceiling on a temporary basis and this should be enough. I doubt we will go back to the highs seem in September, Stats of late have been poor but we certainly have further to go.

Secret today is to gauge the mood and go with that. If we correct a bit first it is a buy, if we go up straight away it is a buy.

Levels are tricky   S&P (DEC) 1692 target 1678 support  Wall St (DFB) 15200  1500  Euro 1.3620 1.3550  1.3480

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