IIFT Daily Note with Peter Brown

Market rallies into month end

Posted by:  |  Time: 7:35 am  |  Topic:
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A couple of days of buying into month end. Not unusual but what were we doing down at 1560 and what has changed? Maybe the market got too bearish and too nervous over tapering. The poor GDP figures on Wednesday outlined the weak recovery in the US and the unlikelihood of a quick withdrawal from Bernanke.

Overnight amazing construction orders in Japan. Is all this money printing working?

Basically the market is up 500+ points from the bottom on practically nothing so the slightest bit of bad news will turn it down. Economic bad news means continued QE so that won’t do it. We need news on the banking or hedge fund side. Believe me that is out there. There will be big losses associated with the Gold and bond moves. I am not getting into to buying the market up here.

I regard this market as a breakeven opportunity at best. Bring on my holidays.

Today’s levels are  S&P 1618  1614  1605  1595   Euro  1.3080  1.3030  1.3000

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