IIFT Daily Note with Peter Brown

Risk On

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Quite a day yesterday, despit failing to reach areement on Greece the market put in an impressive rally.

1.3080 is now the big level on the Euro. Remember we have corrected from 1.2600 this may be the top. S&P breifly hit 1318 before moving backwards, Gold likewise topped out at 1680.

Key is to sentiment today, can we test the highs again or was yesterday’s top the highs. We still have Greece in the wings, agreement there will cause a spike, failure may top this market out. I still favour selling this rally for a move all the way back.

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