IIFT Daily Note with Peter Brown

Rotten Apple!

Posted by:  |  Time: 7:56 am  |  Topic:
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Well a good market got destroyed by the post market results from Apple. The move lower was dramatic and the S&P got hit with it. A 10%  fall in a share that size is amazing. For traders of the stock 420/400 is next support.

On the S&P 1492 resistance held. We have now stalled the move to 1500 however I feel we will re-group and move higher today or tomorrow. Support is at 1483/1481 if we hold there we will be ok. It is important to wait and see which way the market takes this. We are slightly overbought after the recent rally so we might have a correction. In the medium term the target is still 1500

Euro is totally range bound  1.3250  major support resistance is at 1.3375  and major at 1.3400

On the Euro I favour the downside. The upside risk comes on Friday with the possibility of some LTRO repayments (see Forexlive for details) However we have been making good money playing this range and will continue untill the range is broken.

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