IIFT Daily Note with Peter Brown

Stable but failing to make new highs

Posted by:  |  Time: 7:42 am  |  Topic:
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Market is showing good support and holding onto it’s New Year rally. We are failing to make new highs and are going sideways. Market is aware the fiscal cliff talks are comming and confidence to bring the rally further is waning. Technical trading is dominant S&P 1460  1469 is strong range. Euro 1.3320  1.3250.

Euro zone worries will return and if the Euro fails to break back ablove 1.3330 convincingly we should test 1.3000 soon.

Today trade the ranges with the danger of a break out  to the downside.

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