IIFT Daily Note with Peter Brown

Stocks and FX top out

Posted by:  |  Time: 7:18 am  |  Topic:
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We hit 1420 on the S&P, 1.3385 on Euro and 1697 on Gold. Market ran out of steam up there and has been reversing since.

Good support levels are 1400, 1.3290 and 1656. Market is in a battle between the possibility of QE3 and the overall bad back drop to the economic situation as a whole, which is pretty dire, especially in Europe.

We need these support levels to hold for the rally to take hold again. Key will be Gold, it responds to the likelyhood of QE the best. Needs to stop falling for the S&P to find support and try to test the 1420 high.

Euro is well supported in the 1.3290/ 1.3300 area.

Will be a pivotal day, go with the move.

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