IIFT Daily Note with Peter Brown

Bounce,bounce,bounce

Posted by:  |  Time: 7:11 am  |  Topic:  |  Comments: 1
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Well we reached 1070 on the S&P yesterday and true to fotm we had a bounce. Totally crazy over 400 points.

Mood lifted the Euro and then moody’s downgrade Italy. Don’t read anything into the bounce other than a down trend correction.

Bad news keeps comming for the shorts.

This week will be dominated by ECB tomorrow and Non farm payroll Friday.

Today likely to be volitile also.

One Comment

darragh

October 5, 2011

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Hi Peter,

Surely this bounce is a correction in a downtrend, where do you see the euro going. 1.30 is the next significant level can you see it going further to the mid 20’s and what would prevent this from happening if anything.

Regards,

Darragh.