IIFT Daily Note with Peter Brown

Train wreck in slow motion.

Posted by:  |  Time: 7:51 am  |  Topic:
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That is the best way to describe the austerity / low growth scenario, which now prevails across Europe. From time to time things look slightly better but overall we are heading towards chaos. Euro still sliding towards 1.1880 and stock markets falling on lower growth forecasts and bank scandals.

How volatile this will get over the summer weeks is hard to tell. If we look back to last August it was frightening . We will have to wait and see. In the meantime we sell on rallies. Topsides are 1.2300 and 1340   1.2225 and 1328 are supports.

The correct play is to sell at value levels. Can we get a bounce this morning for that?

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