IIFT Daily Note with Peter Brown

Stocks at new highs.

Posted by:  |  Time: 7:49 am  |  Topic:
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I was not watching the markets over the last two sessions but clearly the theme is the continued buying of the US  markets. We will soon reach highs for the year. The temptation for fund managers to cash in together with the looming debt talks in early January will focus the mind soon. 1770 is a possible upside target. Dollar meanwhile has stablised a bit. Euro slightly below 1.38 and USD/JPY at 97.50. The market on FX is in very tight ranges at present. There are no big stories to drive them. Today the important releases are confidence figures in Germany and France and retail sales later in the US. These will be the main events.

Levels today are     S&P (DEC)  1762  1752  Wall St (DFB) 15635  15535  Euro  1.3810  1.3794  1.3770 support.

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