IIFT Daily Note with Peter Brown

Quiet Asian session.

Posted by:  |  Time: 7:32 am  |  Topic:
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Is the market getting tired? First quiet session in Asia in quite some time. The market is confused and on a knife edge. Should stocks go back up or are we in for a deeper correction. The truth is nobody knows yet. If you go back into the market you run the chance of a rumor of a failed hedge fund. If you sell the market you run the chance of being the wrong side of a bounce. The correct strategy is to wait and see.

Eurozone Finance minsiters meet again today to try to sort out the impasse on banking resolution. Failure to agree could cause more concern.

Ranges are getting tighter, so avoiding shocks today levels should be:-

S&P 1588  1570  Euro  1.3150  1.3060

Euro, everything taken into account, is a sell on rallies and should break the 1.3000 level soon. Above 1.3100 is value

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