IIFT Daily Note with Peter Brown

No QE3 – No G20 resolutions

Posted by:  |  Time: 7:34 am  |  Topic:
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Well we move on, Clearly the market used the possibility of QE3 to short squeeze the market. While that was going on over the last few days the underlying market data got worse. Even US growth forecast, was lowered.

We are back to the slow bear market. Today however we are going to get the Spanish bank bailout, audit figures. Your guess is as good as mine but around 70bln is expected.

To pricing- we need to establish new ranges. The Euro is 1.2725  1.2625 and there is a pivot this morning at 1.2690 that could hold the top side.

On the S&P i see all the risk to the downside  1350 is my sell level, targets on the down side start at 1338

I squared up my Gold position yesterday ahead of the FOMC but I am buying it back this morning. Small stake, big stop.

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