IIFT Daily Note with Peter Brown

Risk On abounds, as market thinks deal will be done.

Posted by:  |  Time: 7:57 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

Big rally on the S&P and the Euro while Gold gets hammered. Market expects a deal on the Fiscal Cliff and in the absence of any bad news from Europe we are in a buying frenzy. ‘It ain’t over ’till the fat lady sings’ but the market seems to think so. Will we get a shock? maybe. Or our we in the midst of a ‘Santa Rally’.

Volatility is high so the strategy of spending 50/75 points to find some of these 150/200 moves is still good.

Levels are hard to find up here, on the Euro we are looking at 1.3280/00 as resistance  1.3450 the big level. Support is at 1.3175

On the S&P 1460  1475 are the targets  1436 support.

Massive sell off on Gold as risk off disappeared, for those interested in a stab at a bounce 1655 is the big support level.

Today any dip is a buy unless we get news from the ‘Cliff’ that all is not well.

Comments are closed.