IIFT Daily Note with Peter Brown

Are we in for a profit take?

Posted by:  |  Time: 7:44 am  |  Topic:
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The US market has lifted all exchanges and despite negative sentiment in Europe, on the back of the impasse in Italy, Dax and the Ibex are up mega. The markets are not overbought on the RSI though. Can we follow through with more buying on the Us market today? Who knows. I think Euro markets will be loath to continue this rally this morning and we may see a small pull back. The mood in the US ? well we will have to wait and see. Ultimately 1576 is the target for the S&P, we may need a breather first. I certainly cannot buy at these levels and if I see some weakness in Europe I will sell the IBEX this morning.

Levels on the Euro are 1.3080 resistance 1.3040  1.3020 support. Euro is in a narrow range despite the buying orgy on stocks. Trading here is ranging and stable.

S&P support is at 1530 there is no resistance until 1576

Cannot emphasise enough, establish the mood and go with it.

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