IIFT Daily Note with Peter Brown

Fiscal Cliff downs the market

Posted by:  |  Time: 7:45 am  |  Topic:
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Obama’s stance on raising taxes on the wealthy, defines the battle lines for the Fiscal Cliff arguement. Market sold off agressively last night with the S&P breaking out of our recent range and finding a new low at 1352. We were hoping for a few weeks of range trading but not to be. The market is now down over a thousand points from the 1478 high. We should find a bottom close to here. 1345 migh be the low but I still like the market down at these levels.

Expect a bounce today.

Euro is sidelined and difficult to call . All the action is in the stocks.

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