IIFT Daily Note with Peter Brown

Market improving slightly

Posted by:  |  Time: 7:45 am  |  Topic:
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We reached 1620 on the S&P and then quickly sold off 100 points. The volatility is still here. Despite the market gaining some confidence and the Nikkei reaching 14ooo, it will not take much to send us into a tail spin again. This pattern is set to dominate for some time. Overall the market wants to go higher but everybody knows bad news is out there it is only a matter of time when it hits. 1620  1595 now the support and resistance points in a rising trend for the S&P.

Euro looks solid for the time being above 1.3000. Gold solid above 1200 . USD/JPY looks like it would like to press higher but beware the corrections and the barrier at 100.

Overall you have to go with the mood but expect sharp reversals as the market is skittish. Buy or sell at the ranges with fairly gererous stops.

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