IIFT Daily Note with Peter Brown

Keep your head down Kenny

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Who would be a friend of Merkel and Sazkozy, Two Euro leaders gone in a week. Sinister stuff.

Market got a bounce from Berlusconi promising to resign. Does’nt fix much in my opinion, got to see austerity measures being implimented. Italian bond yields are the key. 7% is the no going back level. ECB has to buy a massive amount to stop the rot. Not happening yet.

So this is a bounce and will turn into a selling opportunity. Changes the range slightly on the S&P. 1280  1255

Euro looks toppish at 1.3850. Gold looks toppish at 1805.

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