IIFT Daily Note with Peter Brown

Big Rally in Stocks

Posted by:  |  Time: 7:44 am  |  Topic:
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Well we had to be fleet of foot yesterday. The market at open looked very bearish but at 8am there was a turnaround and we rallied all day. Market hit 1389 last night. We forgot Spain for the day and concentrated on earnings figures from the US.

Where to today?

Well there is a new range on the S&P now 1370   1389 , Euro Usd is still 1.3080  1.3190

Spainish yields are down to 5.87%

Market looks good to be honest. Hard to understand given the negativity of late but that is what the market does. Spain has not gone away but the market is tired of that story for the moment. Our great ability as individual traders is to be able to change our mind instantly. It is our advantage over the market and it is important we exploit it.

This morning watch Spain closely  yield on bonds and stock market. If the market ignores these levels we will rally further. Remember big bond auction in Spain tomorrow so upside is limited.

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