IIFT Daily Note with Peter Brown

Market manages to stabilise.

Posted by:  |  Time: 7:30 am  |  Topic:
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After Wednesday’s mini crash we did very well yesterday to stabilise and bounce a little, We are still 350 points off the high. Today will be key, major players who are sitting on big profits this year have to make up their minds whether to cash in or continue to run. A solid day today may install confidence that the bull run will continue. A nervous fall may spur further profit taking.

It is impossible to predict either move so today is a wait and see and go with the flow.

Levels are:-  on the S&P support is at 1632  resistance is at 1659  sorry wide. Euro 1.3000  1.2900  1.2840

Very few economic stats today so it will be a mood day. Personally favour the upside later on. May see some selling first.

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