IIFT Daily Note with Peter Brown

Stocks rally, dollar falls

Posted by:  |  Time: 7:16 am  |  Topic:  |  Comments: 1
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Better than expected rally on the S&P in the end. We have reached a new all time high. Dollar weakened as expected, reputation damage and QE for the foreseeable future is the cause. Looks like a trend, market not focusing on earnings although IBM results did way down the DOW.

It is a QE feeding frenzy. This pattern should continue for a few weeks. It will not be all upside so expect a few pull backs.The equity markets are firmly a buy on dips. On the other hand I think the dollar is set to fall further, especially against the Euro. Targets of 1.3850 initially. Again not in a straight line but hard to see dollar strength coming in the near term.

 

Levels today are tricky and the market might be quiet after yesterday madness.

S&P  (DEC) 1537  1527  DOW (DFB) 15430  15350  Euro  1.3710  1.3645

One Comment

susan moran

October 18, 2013

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Peter, thanks for Dow levels can you iinlcude each morning, very useful, Susan