IIFT Daily Note with Peter Brown

Stocks rise despite poor NFP

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Tricky day Friday. Poor NFP at 113k and despite an initial fall stocks put in a strong rally. Cannot see it myself even if analysis of the figures showed them to be a bit better than the headline. NPF day is always tricky and Friday was no different. Question is whether we get a follow through today or head back down. Janet Yellen speaks tomorrow at 3.00pm but I suspect she will keep to the script of ending QE this year.

Trading has been really difficult on indices over the last few weeks. The moves have been so big they are leaving no technical levels to trade. Sometimes the market is just untradeable and we are going through a phase right now. Best advice is to keep it small until we settle down and get a clear direction. Even if that direction is sideways. When we get multi 100 point moves it blows the technicals.

Today should be choppy small trading moves this morning and then wait for the mood when wall st opens.

Levels are Euro 1.3680  1.3590  S&P (MAR) 1800  1780  Wall St (DFB) 15860  15750

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