IIFT Daily Note with Peter Brown

Summer markets over.

Posted by:  |  Time: 7:30 am  |  Topic:  |  Comments: 1
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Although it is a bank holiday in the US today and the markets will be thin, it is the end of summer markets. Friday was a classic example of the manipulated markets we get through,typically in August. Stocks were sold off heavily into oversold territory and failed to bounce. Overnight we got the bounce and have ended where we started Friday morning. Clarity around US policy in Syria the main reason.

Today we have PMI’s in Europe, important. Expect the market to go quiet early after these releases. We are heading for some serious volatility in Spetember. Debt ceiling ,tapering, eurozone and mid-east tensions. Today is a good day for a break. Not going to make any calls for today, overall looks positive but range bound.

Levels are. 1655 1645 major support at 1625  Euro support at 1.3175/80  resistance at 1.3240/50

 

One Comment

Herbie

September 2, 2013

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I thought normal was : IF the Dollar goes up, then Equities fall, and vise versa? But today we have The Dollar up against the Euro, the JPY, and the swiss Frank, and at the same time, S&P500 si up1.1 %(18h00)… Are we looking @ an abnormal market, and what is causing people not to move the funds from Equities to USD if it is rising?