IIFT Daily Note with Peter Brown

The Americans have discovered can kicking!

Posted by:  |  Time: 7:57 am  |  Topic:
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We got a deal to kick the fiscal cliff into the future, thus avoiding a melt down in the market. This should be supportive for short term equities but leaves the trend undecided. The performance of the US economy is going to be key for 2013 especially for Europe. We need strong growth in the US to help keep Europe out of the mire. Europe on it’s own will have a very difficult year.

This morning we are seeing strong rallies, up from the lows at year end. The bias is definitely to the upside. It will take a couple of days to determine the trend but today looks positive.

 S&P 1430  1440  1450 are all targets to the upside  support is down at 1408  1400

Euro is very strong and the 1.3450 target is in sight. 1.3300 is resistance this morning. Support is at 1.3265  1.3200

A happy new year to everybody, Buy on dips.

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