IIFT Daily Note with Peter Brown

Gold and Equities correcting

Posted by:  |  Time: 7:14 am  |  Topic:
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The next two days will be dominated by the fact that it is month end, quarter end and in some circumstances year end. Expect some profit taking especially on the S&P.

After reaching 1420 the S&P has traded very poorly, hitting a low of 1392 last night. The big question today is can we trade above 1401.7 pivot and hold there. This is a sell on rallies for the next two days.

Gold is close to 1640 support which has held very well in recent past. 1695 1640 range.

Euro is trading in narrow ranges 1.3280 to 1.3370 yesterday. 1.3280 big level again today at the moment the topside is being held by the 200 sma at 1.3330

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