IIFT Daily Note with Peter Brown

Only one question?

Posted by:  |  Time: 7:12 am  |  Topic:
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Will we get a bounce?  Last time we were down here at 1135 in the S&P the market rallied 700 points. Feels a bit different this time around but tread with caution. Expect everyone to try and talk the market higher. I am lowering my risk exposure on equities and increasing it on FX. Greek default is much closer and my target for EUR/USD is 1.2000 before year end. Need a bounce to re enter so will watch closely this morning. Gold is sidelined, will rise eventually but nervous about Central bank selling.

Any bounce is  an opportunity to sell, but direction is clear.

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