IIFT Daily Note with Peter Brown

Europe Bear, US Bull.

Posted by:  |  Time: 7:32 am  |  Topic:
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Market back to the morning sell0ff followed by a US rally. Clear divergence in the economies and the policies being pursued. Nice fall in the Dax and the Ibex yesterday and a good rally in the S&P in the afternoon. More of the same today probably. Europe still has major issues, low growth and unemployment and of course no government in Italy. Market is taking that too calmly I think. This Italy situation will get worse as the market realises there is no decision making in place.

On to today. We have a slightly negative start. Watch the Dax for direction. Euro is too quiet and range bound. Ibex could be a sell if the mood worsens, worked nicely yesterday.

Levels are Euro 1.3060  1.2990  S&P 1556  1660 and support is 1550  1548

Still love USD JPY but need a pullback to 95.50 or ideally 94.50 very overbought at the moment.

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