IIFT Daily Note with Peter Brown

Can they fix it? No they can’t

Posted by:  |  Time: 7:39 am  |  Topic:
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I knew this week would be difficult. We have a rally based on hope but not substance. This will end like all the other fixes to the Eurozone, inconclusive. ECB don’t want to do anything. Draghi yesterday bounced the ball straight back at politicians. Spain want money but not the Troika, neat trick if they pull that one off. Merkel wants a closer Europe, surprised!

I was doing nicely untill last nights ridiculous rally on the S&P. 500 points higher than Monday.

So what today. Euro Usd resistance is at 1.2625 a break there would cause a rethink on the down trend 1.2525 is support.

On the S&P it’s hard to find a level outside 1330. I doubt the market can get there, in fact I’m short here. Hard to play this one, we need a mood change and then the selling will start in earnest.

Keep position sise small through this market, we will settle into a trend in the next few days hopefully.


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