IIFT Daily Note with Peter Brown

Indecision causing all the bearishness.

Posted by:  |  Time: 7:59 am  |  Topic:
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An agreement to give Greece time, but no decision to give them their funding until next week. Plus the start of grandstanding on the fiscal cliff, have given the markets a bear tone. Euro is weaker against the dollar 1.2670 low overnight. There will be support all the way down so do not expect a dramatic selloff. 1.267o is the pivot so should be good support, 1.2740 is the topside. Better is Eur/Aud I like the chances of a good fall here. 1.2200 is resistance 1.2173 is yesterday’s low and support. Could be more to be gained in selling the Euro here rather than against the weak dollar.

On the S&P we hit support at 1368 overnight. 1365/69 is the very stong support area, worth a buy here as the previous bounce was all the way to 1388.

We have had a few days of selling maybe a bounce today?

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