IIFT Daily Note with Peter Brown

Quiet session ahead.

Posted by:  |  Time: 7:36 am  |  Topic:
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This morning will be quiet and range bound. We have had a few sessions now where the market has traded sideways. The main event is this afternoon when we get the delayed NFP figure. Expected is 180k. I have no idea how accurate this figure will be given the Government shutdown, or how the market will react. I do not think the taper issue will play here. Nobody expects tapering until after the next debt ceiling talks early 2014. So the outcome may be pretty flat. This market looks comfortable at these prices and may stay here for some time.

We need to see the market reaction to the figures, trying to predict a reaction is impossible. My guess is, try to reverse the move i.e sell on a rally buy on a dip.

USD is very stable against the Euro and JPY. I am just buying the Euro on every dip, cashing in for 20/30 points. Think it will break higher soon but jobing in the meantime

Levels today are  S&P (DEC) 1742  1735   DOW (DFB) 15410 15360  Euro  1.3690  1.3650

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