IIFT Daily Note with Peter Brown

Too many shorts

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There are so many short postitions in the Euro market it is finding it hard to make further losses. 1.26 held very well and it will take a lot to break that level. So 1.2850  to 1.2600 should be our trading range for the near term.

The S&P still wants to rise. This is understandable as interest rates are 0% investors will buy stock at any given opportunity. w are touching the 1300 level this morning. I am bullish on the S&P and expect it to rise above 1300 provided we avoid shocks like Friday.

1320 and eventually 1340 are the targets.

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