IIFT Daily Note with Peter Brown

Indifference is the tone in Europe

Posted by:  |  Time: 6:54 am  |  Topic:
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Does the ECB care or are they willing to see the situation continue to deteriorate without recourse to some serious action. It would seem so. Everyday the banking problem seems to get worse. There appears to be no political will to sort this out. We will continue to slide lower untill this situation explodes. Seems amazing to have  a ticking time bomb in the room and yet do nothing. We are headed for a volatile summer.

In the meantime Euro post a new low 1.2460 which is now support with 1.2510 as resistance.

S&P trying to detach itself and rallied to 1334 before a alte sell off. I know it sounds boring but this market is still a sell on any rallies.

1340 is a good level to short the S&P

Gold is sidelined untill we reach 1500/25 area.

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