IIFT Daily Note with Peter Brown

Wall St.sold off on the back of ‘Sandy’

Posted by:  |  Time: 7:52 am  |  Topic:
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There was a negative reaction when Wall St. finally opened after ‘Sandy’. The market was very thin but certainly damaged by the extent of the storm. We are heading to Non Farm Payrolls tomorrow which will give us some medium term direction. Today we should remain range bound in both the Euro and the S&P.

1420 area held very well yesterday and we sold off to 1400 this morning. The range for the S&P is now 1394  to 1418 with the top side now established as strong resistance. We are unlikely to break out before figures tomorrow. ( I will blog on tactics for the NFP tomorrow)

Euro is in a tighter range 1.2880  1.2980.

Gold is starting to for a base around 1710/20 and could be time for a rally. I like gold and think the fundamentals are strong for a push through 1800

Range trading today , tomorrow is the key.

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