IIFT Daily Note with Peter Brown

Stocks solid for the moment.

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All these promises from Central Banks leaders to keep interest rates low for the foreseeable future has restored confidence to the equity markets. It will take some serious bad news to upset them. That will have to come from outside the US as the market there is on a slow recovery. Southern Europe, China or Japan are the candidates. We can trade that when it happens. Near term we have to look out for a  correction on the recent massive rally. This will not be easy as we could see new year highs first. Today is Friday so a weekly profit take could occur.

I am sticking to my 75 point rule in this market. My main strategy is not to be caught on any of these massive moves. We are seeing extreme volatility especially for summer markets. It looks set to continue. Tech. levels are not great when the moves are so big.

But here goes  S&P  1686  1673  support at 1660  1650   Euro  1.3200 1.3000



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