IIFT Daily Note with Peter Brown

Market looks tired

Posted by:  |  Time: 7:29 am  |  Topic:
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The market tried to tally yesterday, posting new highs. However it quickly ran out of steam and sold off slightly. Overnight poor figures from Asia have left the market stagnant. Hopes of a rally above 1700 on the S&P may be too optimistic for the time being. This market has a summer feel and is probably range bound for a while. Dollar weakness is still evident and gold is putting in an impressive rally, although it is hard to see why.

Technical trading I think is the order of the day.

S&P levels are 1695  1686   Euro 1.3240  1.3180

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