IIFT Daily Note with Peter Brown

A return to risk off.

Posted by:  |  Time: 7:58 am  |  Topic:
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Market finally turned but not by way of a profit take in the US. Euro worries are back. The realisation that the run up in Euro value could hurt growth has disturbed the market! Combined with banking provisions across the zone, resulted in a serious sell off yesterday. Everybody wants their currency lower but this is impossible. The Japanese have suceeded because they have implemented policies accordingly. The ECB have done nothing so their may not be a big move lower in the Euro.

The mood has changed from a buy on dips to a sell on rallies. Dax, Ftse, Ibex and the Euro. S&P I am loath to get bearish on and would prefer to buy on any decent sell off.

Levels are Euro 1.3460  1.3420  1.3550 on the topside. Sell any bounce

S&P 1492  big support  and 1500

IBEX is just a sell but be careful it can bounce 150 points in no time. Wait for the bounce and use 100 points stops. small stakes.

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