IIFT Daily Note with Peter Brown

Market calms down, Spain moves closer to bailout request.

Posted by:  |  Time: 7:47 am  |  Topic:
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The big support levels held for the Euro and the S&P at 1.2825  and 1420. The market put in an impressive rally from there. 1.2950  and 1437 were the highs. We shrugged off the bad news with regard the Spanish downgrade and rallied on the fact that Spain is closer to the bailout request.

This morning the market looks like it is going higher, but be carefull this is where we stalled before. We know where the strong support is so the seriuos resistance is at 1.3000  and 1445.

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