IIFT Daily Note with Peter Brown

We have gone negative, big time!

Posted by:  |  Time: 7:38 am  |  Topic:
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The market turned yesterday and capitulated to the bad news stories across the globe. Spanish bond yields rose , lower growth in China. bad results on Wall st.

It looks like we have a bear market so where are the targets?

On the Euro  1.2825  followed by 1.2750 are my near term targets, sell on any bounce towards 1.2880  1.2900

S&P 1425 is the big support level if we go through there we are headed below 1400, first time out we should get a bounce of this level.

Gold the big support is at 1750 area.

Sell on bounces the bad news dominates

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