IIFT Daily Note with Peter Brown

QE3

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After Friday’s Non Farm Payrolls dissapointing data, the market is now expecting an announcement of details regarding QE3 on Thursday, at the FOMC meeting. This should support the Euro, Gold and the S&P. We should have a market that is a buy on dips for a few days at least. On the Euro front we have the ESM issue and the German Constitutional Court ruling and the Dutch elections on wednesday also. I do not expect any serious surprise there but will be square into both announcements.

In the meantime Euro should try the upside to 1.3000 Gold to 1800 and the S&P to 1450

Support levels are  1.2760  1430  and 1710  wait for the mood in Europe to trade.

One Comment

Ross

September 10, 2012

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Looking like Precious metals are waiting on word from the fed. We saw a pop back up over highs in Euros this morning. Now that has subsided it’s a waiting game. We may very well see a pullback. But I think it’s highly unlikely. Just my humble guesswork opinion.