IIFT Daily Note with Peter Brown

Uncertainty still persists

Posted by:  |  Time: 7:49 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

Market no better off this morning. heavy selling last night and a slight bounce into close. The market still has the potential to find some new lows and the potential to put in a rally. Overall we will not get a clear direction for some time  as the bond market tries to find it’s feet. So trading will be volatile.

Yesterday we traded 1580  and 1560 on the S&P. I favour a bounce at some stage maybe today towards 1600. This will not be a trend put just a short squeeze.

Elsewhere the dollar is dominating. A slight pull back overnight from 1.3060 low. 1.3180 is resistance but if the S&P bounces we could break that short term. The medium term outlook for the dollar is up.

Cannot emphasise enough the 75 point rule. If the S&P puts in a rally toady it is a 200 point upside.

Comments are closed.