IIFT Daily Note with Peter Brown

Still well supported

Posted by:  |  Time: 7:43 am  |  Topic:
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Market is still strong and any bad news is being ignored at present. Take for example the UK poor GDP figures on Friday. The FTSE is unchanged and even higher this morning. The market is quiet and the start to the year has been dominated by the low interest rate dynamic. This have driven investors to the stock market and on the cash S&P we have already posted 1500. The market is slightly overbought but without bad news we expect the market to go higher.

Euro also is getting an easy ride. Longer term we expect the trend to change. It is dangerous to fade this rally and the near term target could see us rise through 1.3500.

Tech levels this morning are 1500  1494 1490  Euro  1.3480  1.3400/20

Mood is important so give the market a fewhours to develop.

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