IIFT Daily Note with Peter Brown

Serious volatility abounds

Posted by:  |  Time: 8:08 am  |  Topic:
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There is a lot going on. A market rally on Friday on the S&P bouyed all markets. Then a UK ratings cut after close and today the initial results of the Italian election at 2pm. It is going to be choppy. Early trading will be dominated by the market reaction to the UK. Sterling getting hit early and the FTSE down.

Euro does not look to bright either. But the overriding theme will be nervousness. the Italian reaction could be substantial so be careful there.

This morning markets are opening at high levels . DAX and IBEX are holding their Friday gains.  This will be a tricky market so I am waiting for the mood to establish before trading. I am at a loss as to why the IBEX is so high but it looks very bid. Stopped out over the weekend so leaving that alone this morning. USD/JPY nicely higher above 94.00 more upside potential there.

Trading levels are   Euro 1.3255 resistance  1.3200 and 1.3145 support

S&P doing really well. Trading range is wide 1525 topside 1502 support. Brian may have a tighter range.

Too much uncertainty for me to call a direction. Jobbing until the Italian outcome.

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