IIFT Daily Note with Peter Brown

We need some news

Posted by:  |  Time: 7:58 am  |  Topic:
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Market was stable yesterday. Conflicting economies dominate. Eurozone not good while the US is powering ahead. This pattern is set to continue. Today we have Mr draghi and the rate decision. No change expected there. His comments with regard Italy should be interesting but will be political so do not expect much movement.

We may see a slight sell off in Europe this morning on the DAX and IBEX but nothing to get excited about. S&P is still strong but also nees a pull back to go higher. Most af all we need some news , it’s a bit thin on the ground. In the meantime we play the technicals with the bias on buying dips on US stocks.

Levels this morning are Euro 1.3050 1.3005  and support at 1.2950

S&P 1545 yesterday high is resistance, support at 1536  1530

Not very exciting but that’s the way it is sometimes.

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