IIFT Daily Note with Peter Brown

If we break out

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We are pushing right against the higher ranges this morning. 1.2880  and 1302 on the S&P. If we break out we should see a substantial rally.  1.3150 and 1340. This will be a correction of the downtrend and will not signal an end to the Euro crises.

Bad news today will put us back into the range, so it should be an important day.

S&P gap play worked again yesterday so watch for that move around lunchtime.

All in all I favour the upside. Danger is  a breakdown in the talks in Greece. Resolution there will cause a big rally.

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