IIFT Daily Note with Peter Brown

Election over, now the fun starts!

Posted by:  |  Time: 7:44 am  |  Topic:
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Well we have that out of the way. All the hype and Obama was a shoe in. Now the fun starts, with the fiscal cliff on the agenda. We are going to get pretty fed up with the markets speculating on it but it is the number one item on the agenda from now until the end of the first quarter.

We are met with a rally this morning after a sell off last night. I expect the rally to be short lived. The market does not seem confortable above 1430. Dollar has been sold and the Euro is back above the 200ma.

For today, good pivot on the S&P at 1432 above there 1437  downside is 1421 and 1413

Euro 1.2880 is resistance  1.2835 support.

As usual go with the mood, if the S&P fails to break the pivot the money could be on the downside.

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