IIFT Daily Note with Peter Brown

Greek deal will set the tone.

Posted by:  |  Time: 7:43 am  |  Topic:
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Today is all about the Greek deal. Will we get one? It’s a close bet but the odds are they will cobble together something. That is in the current price. We also re-visit the fiscal cliff discussions. We have enjoyed a massive rally, 600 points on the S&P in a week. Is all this confidence justified? We will have to wait and see.

Failure on the Greek deal will reverse the market as will any hint at divisions on the fiscal cliff.

Levels are important.  1398 and 1408 are the S&P.  1.3000 is the resistance for the Euro 1.2945 support.

For those trading USD/JPY the market is still overbought on the daily chart so expect lower to sideways until we correct.

Mood is the key here, wait for the market to set the tone before trading.

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