IIFT Daily Note with Peter Brown

Stocks still volatile, dollar declines.

Posted by:  |  Time: 7:54 am  |  Topic:  |  Comments: 2
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Another wide trading range for stocks yesterday. S&P hit a low of 1854 before recovering above 1870 this morning. Overall while the Crimea is unresolved the tone should be weak. The range however is very wide. Dollar has no support and the Euro today broke 1.3900 resistance level. Very likely we will now target 1.4000 and possibly 1.4200 over the next week or so. Elsewhere Gold continued it’s march higher and looks set for 1400 soon.

These trends should continue, stocks are a sell on rallies, gold and the Euro are a buy on dips. Quite a bit of news out today so it will be Choppy.

Levels are S&P (MAR) 1880  1860  Wall St (DFB) 16400  16260  DAX (DFB) 9300  9140 Euro 1.3900  1.4000  Gold 1350 support

2 Comments

Herbie

March 13, 2014

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Peter, You never mentioned on the course who is trading between 04h and 05h… Looks like they have taken the profits for the day with that big jump :)

Peter Brown

March 13, 2014

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Hi Herbie,

Most of the big players have 24 hour desks. Market can be thin in Asia so it is normal to get big moves on little news.

Peter