IIFT Daily Note with Peter Brown

Good correction yesterday despite facebook.

Posted by:  |  Time: 7:53 am  |  Topic:
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A much bigger rally on the S&P than we anticipated, reaching 1318 this morning. The next resistance is 1325 area. As we always say here this contract will pop to the upside in the absence of bad news. Yesterday we had a lull in the Euro story so the S&P shot to the upside.

The Euro bounce was more muted. We made it briefly above 1.28 but fell quickly back again.

Today we are capable of further rallies if the news from Spain and Greece is tempered. However remember the bad news has not gone away, this is a relief rally thats all. Be carefull on the upside the mood could change quickly. I will be looking for levels to sell if we get above 1.28  or near 1325.


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