IIFT Daily Note with Peter Brown & David McWilliams

Down day for stocks?

Posted by:  |  Time: 7:39 am  |  Topic:
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Looks pretty bearish first thing this morning. S&P testing the support level at 1360. That level held very well yesterday and we managed some nice range trading. If 1360 goes look to test bigger support at 1350. On the topside, if we rally 1374 should be the top.

Euro had a nice bounce late yesterday, mainly due to dollar weakness. 1.3150 was the top and we are headed lower as we speak. 1.3000 held very well yesterday.

Keep watching 1360 if it goes will be a bear morning. ( sold Euro already)

Watch the Bonds closely and Ibex and the Mib, this is where you will get the sentiment. Bond auction in Spain today but only for short term bills. Still the yield should be interesting. Longer term auction tomorrow.

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