IIFT Daily Note with Peter Brown

Oh Dear.

Posted by:  |  Time: 8:42 am  |  Topic:
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Well the Greek’s have plunged us straight back into the crisis. You could’nt sctipt this. Risk off in a massive way now.

Nothing short of a total 100% haircut for Greece will do now. They probably will have to exit the Euro. We are now deeper in crisis than before the last Leader summit. So much for a quiet market, we are now looking at a meltdown. How they are going to fix this no one knows. No chance of leveraging the EFSF now and look at Italian bond yields 6.15. The end of the Euro is now a distinct possibility.

So how far can we sell off. 1.3160 is the recent low, that has to be a traget. 1070 on the S&P can we see that level again?

Two ways to play this market. Short with big stops or scalp some of the moves. Market is heading down but will bounce as leaders try to talk it up. Overall it is a total mess so be carefull.

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