IIFT Daily Note with Peter Brown

It’s all about Spain.

Posted by:  |  Time: 7:47 am  |  Topic:
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After the downgrade last night the market went into meltdown. S&P fell to 1421 and the Euro which was having a good day sold off last night. The market is trying to force Spain into a bailout and Spanish bond yields are on the rise this morning. This is going to be a dogfight as the leadrers in Spain know what will happen to them if they let in the Troika.

The market certainly has a bearish tone although the Euro is holding up quite well. The S&P is going through a correction following strong months in August and September.

Levels are for the Euro 1.2910  1.2825  S&P  1437  1421 Gold is sidelined.

Expect an attempt to bounce first but the selling will return. A break of either downside is significant.

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