IIFT Daily Note with Peter Brown

We are higher, but are we convinced?

Posted by:  |  Time: 7:49 am  |  Topic:
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Market has now put in a strong rally over the past few days. I do not believe in fading strong trends and this is one. However I cannot get my head around why the market is so strong. Traders who do our courses understand the concept of being ‘Tuned In or Tuned Out’.

I have no difficulty in admitting I am the latter at the moment. I accept the US has some good data to justify the current levels in the S&P but the Euro Zone does not. Greek talks breaking down, Spain refusing to ask for a bailout etc.

I think this market will turn soon. In the meantime we look set for further gains today, initially.

Levels are 1457 on the S&P and 1.3170 on the Euro.

I am waiting for this to turn, that is where the money is.

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