IIFT Daily Note with Peter Brown

Steadier, but still risky

Posted by:  |  Time: 7:33 am  |  Topic:
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market bounced a little yesterday but is in sell off mode again this morning. We are going to stay nervous until Friday and the NFP. Crazy price movement on indices and hard to place stops. Market is seriously spooked and all the risk is still to the downside. A 10 % correction would be 1660 on the S&P and that may be the target. On FX the Euro is pretty stable ahead of Draghi tomorrow. Again the risk is to the downside.

There is little in the way of analysis we can do as the market is just spooked. Bulls are going to get stopped out so confidence to bounce this market is thin. Yellen is stuck, if she calls off the taper she will look weak, if she continues she risks a more serious sell off.

Just got to trade day to day for the time being.

Market conditions today will be choppy

Levels today are Euro 1.3550  1.3480  S&P (MAR) 1751  1730 Wall St (DFB) 15480 15350

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