IIFT Daily Note with Peter Brown

Is the S&P now range bound

Posted by:  |  Time: 8:22 am  |  Topic:
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Well despite the hype about QE3 the FOMC last night gave no indication it was imminent. This dissapointed the market and set back the S&P 100 points. We are now firmly fixed in this 200 point range 1398  1418. The movements in between are now difficult to predict. Mornings are dominated by Euro worries and the afternoon by the US market trying to rally.

Today we are at the lower end of the ranges, Eur/ Usd on the support at 1.3275 and the S&P pivot at 1400. These are good buying areas provided we do not get some substantial news from Europe. So buying the bottom of the ranges with small stops is the best bet this morning.

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