IIFT Daily Note with Peter Brown

QE or not QE

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Some water poured on the QE hopes yeaterday. That combined with the end of the Stock rally caused a large selloff . It seems that 1425 is too high for the stock market, we may have seen the high for the year there. We are in for a busy time, Jackson Hole will be watched next week for hints at Fed and ECB policy. The real action will come heading into ECB meeting on 6th September.

IN the meantime we are moving from Risk On to Risk Off daily. Today we see the S&P at 1400  support is at 1396 and resistance at 1412

Personally I would be very nervous selling down here. I will look for signs of a bounce to trade.

The Euro has put in a mighty performance trading to 1.2590 Talk this morning about a hard line for Geeece or even planning for a Greece exit have softened the bull run this morning. I think this correction rally in the euro is close to over. 1.2585 good levels to sell stops above 1.2600

Gold has performed well over this week reaching 1675 yesterday. Both Gold and Silver look overbought so expect some sdownside before we target 1700

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