IIFT Daily Note with Peter Brown

Back to the top of the ranges

Posted by:  |  Time: 8:01 am  |  Topic:
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Strong figures in the US on Retail Sales were initially greeted with indifference and the market fell to support at 1422. There then followed a strong rally late on, andwe finished at 1437. We are opening this morning close to 1440. Euro was tightly range bound 1.2990 holding the top again and 1.2890 was the floor. This market is tricky, no clear direction. Can we break to the topside ? I doubt it. We have to wait and see which direction the market takes this morning, can the euro break 1.3000 ?

I would be very cautious buying here as the trend has been within these ranges and we are now at the top. Look for a chance to fade this rally.

Levels are 1440  1422 on the S&P  1.3000 and 1.2890 on the Euro. Gold is undecided. Some commentators calling for the correction to reach 1710, Leaving Gold alone untill we get a clear direction.

Not a market to be trading in large, keep it small and wait for the mood.

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