IIFT Daily Note with Peter Brown

Target reached is this the bottom?

Posted by:  |  Time: 7:42 am  |  Topic:
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Mrket on Friday reached 1365 target on the S&P . Followed by a big bounce. Does this represent the total correction? Well from a US point of view I would think so, but the Greek situation is now taking over on the bear side. Will they get the next tranche of funds? We don’t know. Euro is selling off this morning on the back of this speculation.

We certainly know where the support is on the S&P 1362/65  it will take a lot to break below here and I would buy on dips to that level.

On the Euro there is no real support until 1.2590 expect the Euro to remain offered in the short term.

Market should be bearish today but as ever wait for the market to move first.

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