IIFT Daily Note with Peter Brown

We are begining to establish ranges on FX and Stocks

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Yesterday we got an expected bounce. But we are back to the lower levels again this morning.

It is going to be hard for the market to ignore the Spanish bank situation so any bounce is an opportunity to get short.

Range levels for the S&P are 1362  1342  and for the Euro 1.2970   1.2910

I suspect we will test the lower end this morning. Medium term I expect the Euro to reach 1.2600

Gold is lost at the moment, however if we can get towards 1525 it will be a strategic buy.

Watch the Spanish IBEX and bond yield for direction.

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