IIFT Daily Note with Peter Brown

Serious negativity abounds.

Posted by:  |  Time: 8:04 am  |  Topic:
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The market has got itself into bearish mood. Despite good NFP figures on Friday the small rally to 1430 was then trashed. Worries about growth, Spain, Greece and China have led the market lower. Merkel says the Euro Zone crisis will last another 5 years! This morning Euro is being sold hard. We have broken the 1.2835 support and are now testing 1.2780 support. Commodities have been killed. Oil and gold sold off heavily. Bad earnings figures are driving the low growth mood.

Trading today will be tricky, Euro looks too low at 1.2780, may find support here. S&P could be sidelined ahead of tomorrows Election 1410  1400 

Gold looks great value but it was also good value at 1710! Moves are too dramatic.

Looks for signs of a bounce this market looks too low to sell.

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