IIFT Daily Note with Peter Brown

Distractions are gone, it’s about the Fiscal Cliff now

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FOMC meeting last night did more or less as the market expected. Continued easing. Market hit 1438 and then sold off. This pattern is common,’ buy the rumour sell the fact’.

Elsewhere we got the first steps towards banking union and centralised regulation. A complete waste of time . Did not stop banks failing in the past will not stop them failing in the future.

To the markets. We have to see if we get a follow through rally in the S&P and the Euro. The only thing on the agenda now is the Fiscal Cliff. If we start to concentrate on that we will go lower. Overall the market is very bullish and any worries will be an opportunity to buy.

Wait for the move to start before making up your mind.

Levels are 1438  1425   and on the Euro 1.3120  1.3040

There will be no blog tomorrow. I’ve got a day off!

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