IIFT Daily Note with Peter Brown

US versus Europe

Posted by:  |  Time: 7:54 am  |  Topic:
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We are developing a pattern of European selling and US buying. Clear example yesterday, just when it looked like we may test new lows, the US came in and went on a buying spree on the S&P. Caught me by surprise I can tell you. Rallied 170 points to 1417. There is no question, left alone, the S&P would be through 1450 at this stage. The question is whether the outloook in Spain and Europe as a whole will eventually burst the bubble. We don’t know but have to keep that in mind.

So important points are 1400 to 1419 on the S&P

1.3275 to 1.3380 on Euro

1660 to 1710 on Gold.

Watch Gold it was the first to move yesterday, can be an advanced signal of pending moves.

Expect we go lower this morning followed by buying this afternoon, if the pattern continues.

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