IIFT Daily Note with Peter Brown

Where would we be without Greece?

Posted by:  |  Time: 7:11 am  |  Topic:
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1500 on the S&P most likely and 1.4000 on the Euro. The price action on both has been amazing given the seriousness of the Greek  situation. Huge haircuts and a possible default and even an exit from the Euro zone have failed to dampen the spirits of the market.

We have said it here before, the S&P is going to rally all year in the absence of bad news. 0% interest rates in US where else are investors going to put their cash. We reached 1342 last night, a new high for the year. 1350 is the near term target. Starting to look a little overbought so a big correction could be on the cards, tread a little carefully, could happen on Greek news. However any sell off will be a buying opportunity.

On the Euro 1.3030 is now massive. Held there really well yesterday. 1.3200 is the topside.

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