IIFT Daily Note with Peter Brown

Is the rally over.

Posted by:  |  Time: 7:50 am  |  Topic:
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Market looks to have turned. Failure to make new highs on the S&P and the mood swing in the Euro makes me feel we have reached the end of the new year rally. Fiscal cliff worries in the US have started earlier than expected. Despite an attempt to bounce last night the market looks tired and we may be in for a correction. Apple got hammered losing the 500 support in a dramatic way. 420/400 is now the technical target.

Low growth figures in Germany and comments the Euro is dangerously high have put an end to the rally.

On technicals we have broken 1.33 on the Euro and the target is now 1.3240 This sell off could be quick and deep. Medium target 1.3000

S&P we are at 1462 support below is 1456  above 1468.

Mood has changed we are now selling on rallies.

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