IIFT Daily Note with Peter Brown

New high for the S&P

Posted by:  |  Time: 7:53 am  |  Topic:
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Stock market in the US is still very strong and we reached another new high yesterday. The all time high is now in sight at 1576.

The market will continue to rally provided we do not run into a major story. There are two possibilities here. The fiscal cliff in March and the Italian election over the weekend. If the market has a bad reaction to either of these it will be obvious. So in the meantime we continue to buy on dips.

The Euro is very strong this morning having broken out of the recent trend. As I have said if you pursue policies that are not Euro negative the market is going to buy your currency against a backdrop where other central banks are implimenting policies to devalue theirs. The Euro could rise dramatically, however it is exposed to this Italian election so we cannot call it higher strategically as yet.

No interest in trying to fade these markets.

Levels are 1.3380/1.3400 support 1.3440  1.3500 on the topside.

S&P 1522 support no resistance really 1530 small

IBEX no interest unless the market focuses on the election.

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