IIFT Daily Note with Peter Brown

Rally holds in light volume

Posted by:  |  Time: 7:33 am  |  Topic:
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The advanced course starts today in IIFT, so we are back to full trading conditions. The last few weeks have been poor for trading so we are hoping for better this week. Volume will increase as more players return from holidays. The S&P rally has been hard to go with as the volume has been light, so how sustainable are thses levels?

Well with the S&P I think we can break 1420 and maybe reach 1450 on this rally. So we buy on pullbacks. Support is at 1410

The S&P will continue it’s uptrend provided we do not get bad Euro news.

The Euro is contained between 1.2250 1.2380   on wider ranges. This morning  1.2320  1.2350 is holding.

I expect the Euro to re-start the downtrend within weeks. In ther meantime play the ranges. Euro worries will re-surface.

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