IIFT Daily Note with Peter Brown

QE3 maybe or maybe not.

Posted by:  |  Time: 8:29 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

Fed Chairman Bernanke keeps us guessing on the QE situation. It is available if the market fails to grow! The market will remain confused.

We are in a real summer range with these markets. It’s holiday time and little is happening. As usual the S&P is biased to the upside and we saw that yesterday. After the initial disapointment we rallied back to unchanged on the day. Given the current vacuum on major news the market will remain stable with the focus on short covering. The market needs bad news to make new lows on the Euro and losses on the S&P.

In the meantime we should move higher.

Key levels are 1.2365 on the Euro and 1360 on the S&P.

Expect slow markets with sharp moves on news. This market is for small jobbing positions based on good technical analysis entry points. Not a market for big profits we will have to wait for August/September for that.

Comments are closed.