IIFT Daily Note with Peter Brown

Just when you thought it was safe to enter the water!

Posted by:  |  Time: 7:43 am  |  Topic:
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Moody’s downgrades Spain, Italy and portugal. That softened up the Euro and we are back down at 1.3150 this morning.

Ranges are now holding very well. 1.3280 topside for Euro and 1352 for the S&P. We need to establish where the support is. Certainly 1.3100 and then 1.3050 for the Euro. On the S&P 1340 and 1335.

The tactic of selling any rallies is paying off nicely, no need to change today. Hopefully we will get a bounce, the Gap is around 1249.50 that would be a nice level to sell. With the Greek situation continuing to bubble we may be topping out on these markets and looking forward, we may get a deeper correction. We can bear that in mind. For today it’s sell the rallies!

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