IIFT Daily Note with Peter Brown

Another new high on wall St.

Posted by:  |  Time: 7:37 am  |  Topic:
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Market is fairly quiet yet they could not resist posting another new high yesterday. It is likely ahead of earnings (starting Friday ) we will follow this pattern of hitting new highs and falling off after close. It is repetitive but simple ‘buy on dips’.

Elsewhere USD/JPY is pausing for breath ahead of 100. Pullbacks have been shallow but we will breach the 100 level shortly.

Euro is gaining strenght from flows from Japan. Slovenia is comming on the radar soon which will bring the focus back to the disater that is the eurozone. In the meantime it is a jobbers market on this one.

Levels today are S&P 1570  1555   USD/JPY 100 98.80  98.60  Euro/ USD 1.3100  1.3060  1.3010

Should be a slow market.

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