IIFT Daily Note with Peter Brown

Dodged a bullet there!

Posted by:  |  Time: 7:09 am  |  Topic:
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Well avoided getting sucked into thinking the market would rally on the Greek news. Pretty muted reaction all round. Euro is back into the range 1.3000   1.3280. S&P failing at 1370.

Most market commentators think we are in need of a correction on the S&P. We are very overbought on the daily chart. I think we will need some bad news to kick start a down move. In the meantime we may get a boring day. 1368   1358.

On Gold we are close to the top of recet ranges at 1765. Bottom and major support is 1705. If we break out either side it will be significant.

Overall looks like we are heading for a quiet day. Use a small points target for the day.

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