IIFT Daily Note with Peter Brown

September starts off choppy.

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Yesterday’s rally on the S&P was quickly halted by news of proposed action on Syria. 1650  to 1632. Quiet a move. I certainly feel with the big news stories around any rally is a good sell opportunity. We know Syria action will be a negative for stocks and a positive for the dollar. However after the strike that move will be reversed. So it is likely we will be in a wide range for some weeks. Nothing too dramatic as yet to cause a break below 1625/20  Nothing positive enough to cause a rally above 1650. These are good market to fade as the points are very good. You can go with the move and also get the reversal. Forget about where we are going long term nobody knows the answer to that one.

Big day for Euro economic releases.  PMI’s and GDP. Look for some action there. Of course Friday we have the Non Farm Payrolls, boy will that be a big event. I will blog that strategy Friday morning.

Levels today are  a bit wide 1650  1632  Euro 1.3200  1.3140

On a house keeping note we are delivering our Diploma in Cork for the first time starting this evening. Looking forward to that and will see you there later.

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