IIFT Daily Note with Peter Brown

News highs for the S&P

Posted by:  |  Time: 7:42 am  |  Topic:  |  Comments: 2
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Good market yesterday. We reached a new high on the S&P at 1519. The target most traders are looking for is 1525/30 this is where the market thinks an adjustment will come from. I must say I think this market will keep going until we get some bad news thats prompts the correction. Where will we get bad news from? The fiscal cliff situation seems to have lost it’s importance as the market expects a ‘kick it down the road’ solution. So we will need a surprise from left field. Maybe something from Europe.

The point is unless I have serious bad news I am continuing on my strategy to buy every dip. Today the levels are 1515  1510  and 1525 the upside target.

On the Euro we got a good one yesterday. You cannot weaken your currency unless you are pursuing policies that achieve this. The ECB is not. So the move down was false. In fact the ECB policies are positive for the Euro and I think we may see some strenght in the near term.

Levels are 1.3430  1.3400 1.3380 are the supports   1.3480  and 1.3500 resistance.

Mood is important this morning. If the mood turns to risk off the IBEX is very high!

2 Comments

Susan Moran

February 14, 2013

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No blog today – Valentines day effects!!

    Elva Burns

    February 14, 2013

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    Guilty as charged.
    Back to normal tomorrow

    Peter