IIFT Daily Note with Peter Brown

Rally tops out again

Posted by:  |  Time: 7:26 am  |  Topic:  |  Comments: 2
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S&P just does not want to rally above 1620. Good, we have a medium term high in place. Now if we can find the support level we may settle into a range for a while. 1595 is good support for now. Elsewhere the dollar remains strong. 1.3080 looks the top of the Euro  support is down at 1.2935  1.2890.

A lot of economic releases today, PMI’s in Europe and employment data in the US. Should keep us busy.

USD/JPY broke through 100 and that should now be support. Untradeable strategically as there is nowhere to put a stop. Intra day 100.35 could be a good area to buy.

Market opening up weak. May test support at 1595

2 Comments

Mark Clare

July 3, 2013

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Hi Peter I was wondering if you could explain what initially sparked off the USD/JPY sell-off this morning please?

    Peter Brown

    July 4, 2013

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    Hi Mark,
    It was sparked by profit taking. It had come a long way. It obviously hit a soft spot.
    This can happen if a product has moved a long way in a short time. We cannot predict it happening.
    This is what stops are for.

    Peter