IIFT Daily Note with Peter Brown

Ranging on FX and Equities Indices

Posted by:  |  Time: 7:02 am  |  Topic:
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Despit the raft of bad news Euro stopped at it’s old favourite of 1.3100 yesterday. S&P bottomed out at months low of 1353, below¬†our 1360 base but still held support. Both are higher today.

This market is going nowhere fast it would seem. Today we are likely to get a rebound in Euro stocks and so recover a little further.

This could be like last week, each day totally different to the other, bull and bear!

So if it’s going to be an up day I am going to look for levels to sell- 1.3180/1.3200 on the Euro and 1374 area on the S&P.

Dominant mood is bearish but definitely in a range.

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