IIFT Daily Note with Peter Brown

Senate agreement fuels rally.

Posted by:  |  Time: 7:35 am  |  Topic:  |  Comments: 2
Trading Is At Your Own Risk - Read Our Terms & Conditions

Strange really but I suppose the fact that they can agree on anything is positive. The Beige book only showed moderate growth but we knew that anyway. Market put in a good rally when Wall St opened. We went through resistance at 1650 and hit the old level of 1656. Euro also broke 1.3200 briefly before running out of steam. We are one day closer to the main event (NFP) I will be blogging my thoughts on trading that tomorrow.

In the mean time go with the flow on these moves they are putting in some points on very little news.

Today we are 1666  1656  1650  1646   Euro 1.3220  1.3160

2 Comments

Gordon

September 5, 2013

arrow

Good Morning Peter,

Just so I am crystal clear on your recommendation on S&P

Its……. Buy 1666 / Stop 1656 and Sell 1650 / Stop 1646 ?

Gordon

Peter Brown

September 5, 2013

arrow

Hi Gordon.

These are not trades. Unlike Brian I do not send trade recommendations.
These are support and resistance levels.
This is where i think the market may top out or bottom out on the day.
1666 is higher end resistance 1656 resistance 1650 support and 1646 support.
Sometimes i only see one level and sometimes ther are more
market has already hit 1656 this morning and falling off from there.

When u trade you can use these levels as entry points.

Hope that helps

Peter