IIFT Daily Note with Peter Brown

New Highs- Bull market continues

Posted by:  |  Time: 7:43 am  |  Topic:
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Market reached new highs yesterday. After a pull back to support the market put in a strong rally above 1500. There seems no end to the strenght of this market. Driven by a need for return and the lack of interest rates anywhere else it would seem everyone is piling into stocks. It will lead to a correction eventually but we could be a lot higher before that happens.

Today we are off to a strong start. 1498 is support and 1506 is short term target.Market is not overbought so we can go higher. If there is to be a correction it will require some fairly bad news, so Friday NFP numbers are probably the only chance. This market is a buy no question about it. Wait for the dips.

Euro is on a burner higher. 1.3500 and above. There is little on the charts and expect further gains once the stock market rally continues.

 

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