IIFT Daily Note with Peter Brown

QE3 and some!

Posted by:  |  Time: 7:47 am  |  Topic:
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Well the market lost faith through yesterday,s price action but in the end Ben Bernanke delivered for sure. What a rally!

No doubt this will buoy the market for some time. However we are too high at the moment. This market is extremely overbought, needs to correct and reset. I would not be a buyer of anything this morning we need to take profit on these levels.

Firstly let,s look at the Macro term targets. Euro 1.3450  S&P 1500  Gold 1900 Thats where we are likely headed.

Now look at the possible correction targets Euro 1.2900 S&P 1445/48  Gold 1750

This market is set to be volatile. You cannot buy it here, it is going higher but from a lower level first. The correction could last a few days so be careful.

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