IIFT Daily Note with Peter Brown

Holding on to gains

Posted by:  |  Time: 8:05 am  |  Topic:
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The market is very stable and we have held onto recent gains. No sign of a correction and a lack of bad news. Market has performed really well year to date. Rather than correct we may see a period of consolidation. Friday is Non Farm Payrolls day and we may have to wait until than for further direction.

In the maentime we are range bound  1500 to 1490 on the S&P and 1.3400/20  1.3485 on the Euro

In a market like this it is important to trade in and around support and resistance. Any trade in the middle of the range is purely a gamble. Be patient.

USD/JPY for anyone playing is still a buy on pullbacks. 90.40 is good support. Medium term target is 95.00

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