IIFT Daily Note with Peter Brown

Line in the sand

Posted by:  |  Time: 8:26 am  |  Topic:
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Yesterday’s action by the Swis National Bank to defend 1.20 level is an amazing action. It shows how desperate the authorities are getting. This along with the short selling ban on bank equities are measures which show how bad things are.

However today we have a good bounce in progress. Just levels to re set shorts. Remember in the absence of continuous bad news the S&P will rise. The German court rules on the Greek bailout today, expect some action around this, and Obama speaking tomorrow.

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