IIFT Daily Note with Peter Brown

Rally still intact despite French downgrade

Posted by:  |  Time: 8:43 am  |  Topic:
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The market has shrugged off a French downgrade by Moody’s and has held onto it’s recent gains. The S&P has reached 1385 resistance level. Basically we are up 450 points since Friday. The fiscal cliff is off the agenda until we get more news from the discussions. There is little chance of an agreement without some serious scares. The game here is where will this rally end. 1385  or 1400

Today Greece goes back to the well. Information about that will not come ’till after close. We expect that they will get their money with conditions.

Euro is hovering around the 1.2810 the 200 daily moving average. We need some news to break this level. Market is at serious resistance both S&P and Euro. Will be break through? it’s possible.

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