IIFT Daily Note with Peter Brown

Tug of war

Posted by:  |  Time: 7:05 am  |  Topic:
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Friday’s Payroll data gave the market a serious boost. 1340 on the top side for the S&P. 1.3200 for the Euro. We are lower this morning as the Greek situation comes into play. Nobody can predict what is going to happen there. We have a deadline for agreement at 11am Athens time, whether that will be adhered to is anybody’s guess. Like Friday payroll data, the Greek situation will determine the big move today.

Hard to see Euro outside of the ranges unless the deal falls apart, then look for a break of 1.3000.

S&P upside target is 1350 but need a deal in Greece to achieve it. Otherwise 1340  1302 range.

Might get a good gap play to the upside today, so watch for that.

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