IIFT Daily Note with Peter Brown

Market starting stronger.

Posted by:  |  Time: 7:39 am  |  Topic:
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After yesterday’s down day we have recovered somewhat overnight. S&P reached the critical 1530 support in late trading but has rallied hard since. Poor economic stats from the US yesterday sparked the selling and Apple shares plunging to 392 did not help.

The G20 meeting is ongoing and as yet nobody has critisised Japan’s easing policies. USD/JPY higher on the back of that.

Today could be a rally day after all the selling so be careful. Gold is back above 1400 and a break of 1425 should lead to higher.

S&P 1530 is now the major focus. We are much higher at start of trading at 1542 resistance is at 1554

Euro pinned in between 1.3100 and 1.3000

Again the strategy today is to establish the mood and go with that.

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