IIFT Daily Note with Peter Brown

Taking money off the table.

Posted by:  |  Time: 7:24 am  |  Topic:  |  Comments: 3
Trading Is At Your Own Risk - Read Our Terms & Conditions

Yesterday we saw the first signs that the big players may cash in their profits ahead of August. As we said the market looked tired and sold off from the highs. Continued attempts at new highs finally exhausted the market and a 150 fall ensued.

This may prompt a full profit take, which could last through the summer and result in a move to 1650 . Certainly the top side is limited for the time being.

Euro worked great yeaterday, we got the top and the bottom. Technical levels are important in this market. Brian’s levls on the Footsie and wall St hit beautifully also.

 

Levels for today are  S&P 1686  1677  Euro  1.3250  1.3180

3 Comments

Herbie

July 25, 2013

arrow

Just to be clear here Peter? You are moving to Cash or you are preparing to Short the market? Does this affect your strategic positions or you are going to do less Daily?

Peter Brown

July 25, 2013

arrow

Hi Herbie,
In fact I am going on holidays , so no positions.
The comment refers to hedge fund managers who are up 20%+ year to date.
The prospect is they will cash in and wait for September to re enter the market.
This will cause the market to correct and stay range bound for August.
Nothing too dramatic maybe down to 1650

Peter

Herbie

July 25, 2013

arrow

Thanks Peter, enjoy your Holiers…