IIFT Daily Note with Peter Brown

We are back to watching bond yields again!

Posted by:  |  Time: 7:03 am  |  Topic:
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What a bad day yesterday. Total sell off all day and only a slight bounce at close. Where has all the bullish buying gone and the prospect of setting a new high on the S&P. Well the answer is Spain. Finally the bad news from there is now dominating and taken in conjunction with the news that there may not be QE3 in the US the market took it very badly.

For those of you who were short yesterday well done. For those of us not, this is why we use stops.

Well we broke out of the bottom of all our ranges and need to set new ones.

S&P 1400 1380   Gold  1630  1614  Euro  1.3160  1.3100

Half day tomorrow so the mood set today will be important. We need to see some trading to set the tone. Watch bond yields especially Spain for direction.

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