IIFT Daily Note with Peter Brown

Range bound for the moment

Posted by:  |  Time: 7:37 am  |  Topic:
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Looking at this market it is definitely a summer, range bound market. This will not stay for long. As traders come back from holidays the market will start looking for direction. There is some big stories waiting in the wings. Tapering in the US, the Eurozone crisis and then Japan. The market will form a macro view when we approach September.

In the meantime, yesterday saw a good gap close and a key US hand over reversal. There was also some dollar strenght in the Euro and the JPY.

Today we should see some serious action as we have a lot of economic releases comming down the tracks. Expect a rock and roll type day as we lunge from one stat to the other.

Ranges are   1700  1670 on the S&P (sorry wide but that is the range) 1695  1680 closer

Euro 1.3400  1.3280

 

 

 

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