IIFT Daily Note with Peter Brown

We got our correction

Posted by:  |  Time: 7:46 am  |  Topic:
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Late Thursday and Friday the market corrected. It was triggered by the Google early release but the market needed a set back anyway.

We reached some important levels 1420 on the S&P and 1.3000 on the Euro and 1710 on Gold.

Question is, what the mood will be today. Hard to see these major support levels being broken without further bad news so the market is probably a buy on dips. 1420 is a big level and a break below 1417 will lead to a severe correction towards 1380.

Euro has major support all the way down 1.30  1.2980 etc. Gold 1700  1680

The market will tell us the direction, wait for the action. If we rally from here we are in for more range trading.

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