IIFT Daily Note with Peter Brown

Strange Day

Posted by:  |  Time: 7:53 am  |  Topic:
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Yesterday was strangley bearish and it was hard to find a reason. Yes China is slowing down, but the market remained risk off for a long period. Moves down were led by oil and gold. There was a good gap on the S&P and that failed to excite the market also.

Overnight we have gone risk on again! S&P back above 1400, Euro rallying, expecially against the yen.

So where to today. Well there is a good top on Euro Jpy at 111.15  S&P at 1407 and Euro Usd at 1.3280. Gold is interesting, ranging between 1660 and 1640 still think it’s on the way down.

Fancy a sell on rallies today and the market establishing upper ranges. Could be quiet so I do not see a break out on the top side. We could be heading into a period of range trading.

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