IIFT Daily Note with Peter Brown

The buy anything rally continues.

Posted by:  |  Time: 7:51 am  |  Topic:
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Stocks and bonds right across the globe continue to rally. A direct result of the printing press in the US, Japan and the UK. Investors are desperate for yield and look ready to buy anywhere. Stock markets in the US and Europe continue to rally and bonds are being bought off the board. Where this ends nobody knows, in tears probably. You cannot buck a rally like this and as yet there is no bad news to halt it.

Today we have growth figures from Spain. Expected to be -.5 . The IBEX is at 8500! will the market care?  Infaltion figures are out today in Europe also. The market is looking at the data for hints on how much the ECB will cut on Thursday.

Thursday is going to be the big day. It is likely the market will sell off regardless of what the ECB does. ‘buy the rumour sell the fact’.

New highs for the S&P overnight and 1600 in sight. Don’t fight the rally, when it ends we will know.

Levels today are  S&P 1600  1592  1582  Euro 1.3120  1.3080  1.300  USD/JPY support at 97.50  97.00  Resistance at 98.50  Gold 1485  1425

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