IIFT Daily Note with Peter Brown

Are we range bound?

Posted by:  |  Time: 7:47 am  |  Topic:
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We got our bounce yesterday after a negative morning. S&P rallied to 1386. This is now a serious top going back to last Friday’s NFP data. On the down side 1365 area is good support. We may stay inside this range for the time being or until we get some news that allows a breakout. That might come from Greece or the Fiscal Cliff.

Euro is sidelined for the moment. Very tight trading ranges. 1.2750   1.2660 again we need some news to break out.

Market is putting in some big point rallies and falls. Trading at the lows and highs are the key.

Today we may test the highs again, which will set up the sell opportunities.

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