IIFT Daily Note with Peter Brown

Still Greece I am afraid.

Posted by:  |  Time: 7:49 am  |  Topic:
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Well we saw a slow climb yesterday followed by a seriuos sell off on the cancelation of the Euro Finance Ministers meeting with Greece.

Euro hit 1.3080 low and the S&P 1340. Both recovered nicely whebn we realised they will still bend over backwards to avois a Greek default. Today we are supposed to have a conference call, frankly it’s a joke, but we have to go along with it untill the Greeks default. Sometime in April I would expect.

Where would the S&P be if Greece wasn’t holding it back? 1400 probably. We have made a new high this morning 1358 hard to call this one. Maybe a bit of a sell early but not sure we won’t break 1360 later.

Euro also found support yesterday at 1.3080 and we are back to 1.3180 this morning. Again a little too high. Depending on news from Greece for direction here.

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