IIFT Daily Note with Peter Brown

Summer markets nearly over.

Posted by:  |  Time: 7:38 am  |  Topic:  |  Comments: 2
Trading Is At Your Own Risk - Read Our Terms & Conditions

This volatility is typical of summer markets. Add to that the fact that there is a lot going on and you realise why we are getting such large moves. In reality we are not moving much in one direction, but the market is skittish. Syria, tapering, debt ceiling and emerging markets all are impacting on the market. yesterday we had a rock and roll day on the S&P. Initially GDP figures, which were very good, caused a sell off on the tapering argument than a rally and finally the market sold off!

Euro got hit on the climbdown on Syria. So we can expect anything today. Tuesday the market is back to full force so some of these moves will be softer. We should get some direction on the market. I stll favour the downside for stocks, there are too many big stories at play for a sustained rally.

So sell on rallies. Euro 1.3200 is a big support, while we hold above there I am a buyer.

Tech levels today are 1646  1636  1628    Euro 1.3200  1.3300

2 Comments

Gordon

August 30, 2013

arrow

Hi Peter,

Does this mean that you would buy at 1.3200 and trade up to 1.3300 or 1.3400 range ?

With the S&P500 you would be going short at 1646 and long at 1628 but just trade within 1646 and 1636 ?

Finally, Bryan indicates that he uses Chicago S&P, do you ?

Regards

Gordon

Peter Brown

August 30, 2013

arrow

Hi Gordon,
I like the Euro provided it is above 1.3200 Could bounce to 1.3300
On the S&P liked the sell of this morning hit 1636 support but now looks like it will bounce.

1644 will be a test if breaks 1655 but ultimately lower.
Market is very volatile today ahead of bank holiday.
I get my levels from 4hour charts

Peter