IIFT Daily Note with Peter Brown

Stocks bounce back.

Posted by:  |  Time: 8:07 am  |  Topic:
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Well the first test this year and the stock market showed it’s true character. Any bad news seems a buying opportunity. The low interest rate story dominates. You have to have a scenario that makes fund managers want to move their clients to cash for this market to stay bearish. That story does not exist. The market has bounced back strongly after the 28 handle fall on Monday evening. This two day move is a good indication as to the conditions of the market that will be prominent all year. The market may be high and have trouble breaking new ground but this talk of a major correction is misguided I feel. Can we get new highs, we will see.

Dollar also bounced and the Euro is lower, USD/JPY higher. Dollar and stocks seem well correlated.

Market conditions today should be choppy

Levels are Euro 1.3700  1.3620  S&P (MAR) 1840  1826  Wall St (DFB) 16410  16325

Levels are

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