IIFT Daily Note with Peter Brown

Thin markets

Posted by:  |  Time: 7:38 am  |  Topic:
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For the next two weeks expect thin markets and sharp moves. The market is tired of all this volatility, most FX markets are untradeable, Euro/chf is extremely nervous. The outlook is not good for equity markets but short term we seem to be in a range on the S&P 1178 to 1205. When the markets finally settle the big move should be to the downside. That might not come to September. Keep an eye on individual stocks for a clue after all this is a banking crises now. Soc Gen, BNP, barclays are good indicators of how nervous the market is getting.

For today we are at 1180 on the S&P, a good buy level provided we do not get some unexpected news. Gold struggling to break 1800 so be carefull of big corrections to the downside.

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