IIFT Daily Note with Peter Brown

Rally ended.

Posted by:  |  Time: 7:50 am  |  Topic:
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Market ran into a wall yesterday and it seems the Yellen rally has a top. Market is unlikely to try and post new year highs and we may now settle down into a range for a while. Given the volatile nature of the market this range is going to be wide but the macro view is sideways for the time being.

Elsewhere we have the specter of negative interest rates in Europe. This outlook knocked the Euro down 100 points yesterday. When we get them if at all is the question. Will not have any effect on growth or bank lending but may weaken the Euro. The German’s on the ECB council will not be in favour so it is not a done deal. Euro has bounced back overnight.

So to the ranges. S&P (MAR) wide range is 1823  1786  Today 1820  1800  Wall St (DFB) 16040 15745  Today 15975  15850

Euro 1.3680  1.3550  Conditions choppy Retail sales this afternoon.

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