IIFT Daily Note with Peter Brown

Is the rally over?

Posted by:  |  Time: 7:51 am  |  Topic:
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We have had a serious rally on both the S&P and the Euro. 1340 to 1394  and 1.2740  1.2910. Both have ralied on finding a Greek deal and a deal on the Fiscal Cliff. Neither has been achieved. Next week we tackle both in earnest. There might be an ‘extend and pretend’ deal done on Greece bot the other has a long way to run. Has the market got over excited?

Well we might find out today. S&P has resistance all the way to 1400 and the Euro at 1.2910. These could be good sell levles going into next week.

If we have a big up day we will break these levels but if resistance holds there could be value selling at these levels for next week.

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