IIFT Daily Note with Peter Brown

Volatility set to continue

Posted by:  |  Time: 7:38 am  |  Topic:
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After Friday’s 200 plus rally the volatility should continue today. Some of these moves are substantial but based on little news. We have slumped and rallied all last week but ended up lower overall. We are a long way from the 1590 highs. Italy politics continue to confuse and now Bersani has resigned over the failure to elect a new president. A 87 year old compromise gets the vote. In the US earnings continue to dissapoint the latest being IBM. Tomorrow we get Apple, we expect poor sales figures.

So far this morning we have started slowly and await direction. If we have a week like last we need to wait and see the mood of the market and go with that.

Levels are Euro 1.3100  1.3000   S&P 1570  1535  massively wide but any move should be worth 200 points.

USD/JPY back in to overdrive and at 100 again. Macro view is still in place but as you know the corrections are deep.

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