IIFT Daily Note with Peter Brown

Sharp sell off on stocks.

Posted by:  |  Time: 8:15 am  |  Topic:
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The NFP finally caught up with the market, allied with comments from a Fed official regarding the pace of stimulus. S&P and other indices down sharply. Market has suddenly gone negative. Very interesting if we get a follow through today. We maybe just seeing a start of the year pull back before we rally. Some commentators are calling for a deeper correction 5/10%. cannot see that myself but today will be important. If we do not bounce back than we may see a bigger correction.

Some figures out today, Euro Industrial Production and Retail sales in the US. Market will be Choppy

A day for caution on the equity markets, levels are:  Euro  1.3680  1.3640  S&P (MAR) 1820  1809  Wall St (DFB) 16330  16200 (Poor levels, not many technical’s around these levels)

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