IIFT Daily Note with Peter Brown

Quiet day ahead

Posted by:  |  Time: 7:47 am  |  Topic:  |  Comments: 2
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Bank holiday in the US today so the trading will be confined to this morning. Market is stable especially on the equity front. No mad charge to 1500 in the S&P as the fiscal cliff talks still await on the horizon. Still we are well supported and any sell off is still a buy opportunity.

On the Euro I am becoming negative and believe the pair is overvalued considering the growth cycle difference between US and Europe.

We reached 1.3280 on Friday  1.3350 is resistance and support 1.3280  1.3250. We will not get a sudden fall but a slow depreciation.

On the S&P support is at 1472   resistance at 1482

2 Comments

Yuvraj

January 21, 2013

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It looks like a range play today on 15M between 1.3300 – 1.3330. What do you think Peter?

Peter Brown

January 21, 2013

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Your right. Quiet day range 1.3340 1.3280 on the wide
1.3300 1.3330 tight range
10 points plus and minus be disciplined on the stops

Peter