IIFT Daily Note with Peter Brown

No change to the Europe/US contrast.

Posted by:  |  Time: 7:35 am  |  Topic:
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US markets still keep rising and the European situation still keeps detiorating. A new high on the S&P at 1568 but no sign of an Italian government and of course Slovenia.

All this means a buy on dips for the S&P and a sell on rallies for the Euro. Sometimes the market is just easy and this is such an ocasion. There will be a correction at some stage on the US equity markets but playing that trade is a waste of time. Better bank the profits on the up move and get caught when it corrects. Any correction will turn into a buying opportunity and you will then make the same points twice on the recovery. As yet there is no sign of a correction in sight.

Today support come in at 1560 resistance 1572

On the Euro resistance is at 1.5880  support is at 1.5750

USD/JPY support starting to build next traget is 94.00  94.50  support at 93.30

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