IIFT Daily Note with Peter Brown

Portugal Downgrade

Posted by:  |  Time: 7:41 am  |  Topic:  |  Comments: 1
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The downgrade of Portugal to junk status has had small effect on the market. We live in strange times. Probably due to Summer markets.

We await figures on Thursday and Friday. If Trichet raises rates as expected it shows how little they care about periphery countries.

Euro traded very well within pivots yesterday, technical trading should be good. Straddle trade worked twice yesterday so we need to start watching that again. Cannot figure out what is going on on the S&P. seems bullet proof at the moment. Stats on Thursday and Friday will set the trend there.

One Comment

Colin Gregan

July 6, 2011

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Hey Peter
Euro could and has some support on the daily charts around here of 20 and 50 day moving average. A breakdown could be sreious, tho’ as you say it is Summer and follow tru not assured.
I know Gold is in an uptrend but with $ strength and maybe a need to liquidate profitable trades( as Stockmarket gets clumped) this no return (yield ), shiny, useless metal should fall……Though one should not trade v trend..
Col