IIFT Daily Note with Peter Brown

Dollar and equities buoyant.

Posted by:  |  Time: 7:43 am  |  Topic:  |  Comments: 2
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After Friday’s good NFP number, the market initially sold off on taper fears. There then followed a strong rally in both equities and  the dollar. S&P fell 220 points and then rallied 240! Amazing volatility. Today will we see a follow through? Well China was poor overnight and Greece is looking for aid. The Greek situation should go through alright. I suspect we may see a little higher but the rally will probably fade.

We are making progress on the S&P as we go through the summer. 1632 the latest high. We are in an upward sloping range. The market is caught between good economic stats, tapering and the poor outlook internationally. So the runs up and down are set to continue.

Technically it is hard to get the levels as they change everyday.  S&P  1650 is a big level  1636  1620  1617  1608

Euro is nearing big support at 1.2750  Euro is a sell on any rally   if 1.2750 gives way we should see low 1.20’s.

Gold heading for support at 1200  may be a play there again.

2 Comments

hebie.van.dalsen@gmail.com

July 8, 2013

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Why is there 4 figures for the S&P ?

1636 1620 1617 1608

    Peter Brown

    July 8, 2013

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    Hi Herbie,

    One resistance and three support levels. It is very hard to get the resistance level
    Using pivot which has already broken. I am not giving trades just support and resistance.
    Next and biggest level is 1650.

    Regards

    Peter