IIFT Daily Note with Peter Brown

Support is holding

Posted by:  |  Time: 7:42 am  |  Topic:
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Market sold off yesterday afternoon but support at 1417 held. The market than rallied on Yahoo figures. We are now back to the mid point of this range. This market is difficult to trade and only positions at the extremes will make money. Ranges are now established but the macro view is non-existant. The last few weeks are the first time since 2008 we have not had a clear macro view. The market has a lot of negative to it but whether it can break trough tough resistance is not clear. In the meantime trading is range bound to the recent support and resistance levels.

S&P 1417   1434    Euro 1.3000  1.3080  Gold 1715  1735

Market will set the tone.

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