IIFT Daily Note with Peter Brown

A lot of bad news around.

Posted by:  |  Time: 7:51 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

Monte resigns in Italy, Greek buy back programme, Lower growth forecasts, Fiscal Cliff.

Take your pick as to why the market is selling this morning. Into the last few weeks of December trading, and as usual it has been choppy. Good NFP figures on Friday where quickly reversed, than we rallied, now we are down. Typical. The market should continue in this fashion up to year end. The bias however is lower. The closer we get to the cliff the greater the chance of a serious correction. I am hoping for a deep correction 10% or so. This will set up a strategic long for the new year.

The Euro has lost it’s shine. Low growth, Greek buy back programme and now Monte gone. Euro is now a sell on rallies.

Support is at 1.2860/80 (worked well on Friday) resistance at 1.2920/50

S&P now has agood top at 1421/25  support at 1410

Market should put in some good moves , go with the flow.

Comments are closed.