IIFT Daily Note with Peter Brown & David McWilliams

Range bound ahead of Greek elections

Posted by:  |  Time: 7:27 am  |  Topic:
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The market put in a good rally yesterday. 1.2610 on the Euro and 1320 on the S&P. Bad news however is always just around the corner and a downgrade of Spain last night buried the rally. We have exstablished ranges though. 1.2610 is now a massive top for the Euro and the S&P is in a 1320  1300 defined range.

As we get closer to the weekend we will concentrate on the Greek elections, so the market will probably trend to the downside. 1300 is really good support that should hold till Friday. Contract change over tomorrow so it is likely to be a crazy run into the weekend.

On Gold we are holding the long position for a possible test of 1675 next week. Stops below 1600

Euro should weaken into Friday 1.2525/00 is support then 1.2480 and 1.2440,

Be careful this has the potential to be volatile

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