IIFT Daily Note with Peter Brown

Still negative out there on Equities and FX

Posted by:  |  Time: 7:51 am  |  Topic:
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Market is still very negative both in Europe and the US. Bounces are short lived. However we are findinf sone support.

This morning 1.2960 is good support on the Euro. This is a critical level, I suspect this will hold because below here opens up 1.2600 and then lower towards 1.2000. So expect strong support around 1.2960. Bounce towards 1.3050

On the S&P 1344 to 1364 seems to be the initial range after the Non Farm payrolls.  1346 area is good support, like the Euro level. We will need some new bad news to break that level.

Watch Spain today if we go sideways or bounce the market might take a rest from all this negative stuff and put in a decent bounce.

Need extra bad news to break to new lows.

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