IIFT Daily Note with Peter Brown

Good rally next target 1500?

Posted by:  |  Time: 8:25 am  |  Topic:
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As expected the S&P put in another strong performance yesterday. All the pull backs are shallow and in the end 1462 resistance was broken. Can we reach 1500 before the fiscal cliff gets serious again. I think so. It is Friday today so watch for the profit take and use that as a buy opportunity. Anyone shorting this market has to seriously question what they are at! All the money for the moment is on buying the dips.

Euro surprised yesterday. Was the market really expecting a rate cut? The rally in the Euro when the announcement was for rate unchanged was a bit of a surprise. Euro is heading back to 1.3300 resistance   1.3240 is support and than 1.3200

While S&P is strong Euro should hold in. S&P daily levels are  1462  1456 support upside is a free run.

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