IIFT Daily Note with Peter Brown

We are going sideways.

Posted by:  |  Time: 7:27 am  |  Topic:
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High volatility but no direction. That is what the market looks like. Despite poor economic data the US equity market is holding up very well. Yesterday’s sell off quickly rebounded and we are now back to where we started yesterday morning. Euro is stuck in a 1.3100  1.3000 range Gold 1435  1400  and USD/JPY stuck below 100.

We have no macro view so we are going to job the market until one emerges. Jobbing in this sort of volatility can be very profitable as the moves are 200 plus points. Negative Europe and a US bounce? Seems to be the best bet.

Again I stress go with the candles, if Europe starts to sell be a seller. Fading the trend is not good because the moves are too big.

Today’s levels are  Euro 1.3100 1.3000  S&P  1560  1544 USD/JPY 100  97.50  Gold 1435  1400

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