IIFT Daily Note with Peter Brown

Market still needs to correct.

Posted by:  |  Time: 7:50 am  |  Topic:  |  Comments: 1
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Market on Friday kept rallying despite sever overbought conditions. Very hard to buy when the technical situation continues overbought. Today both the 4hour and daily charts are overbought on the Euro. We may have seen the high for a while despite the macro outlook being bullish.

Technical levels are 1.3140/70 and support at 1.3080

S&P 1475  1456

Gold 1778  1766

Best to wait and see the market direction/ mood this morning before acting. Has to be a sell on rallies but I was wrong on Friday.

One Comment

Jamie

September 19, 2012

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Gold and silver very high r s i .do you think they will correct to allow entry? In my opinion they are both overbought but I fear going short against the trend. Have made money on the way up but am out now and just edging to get back in. What do you think
Jamie