IIFT Daily Note with Peter Brown

We were left guessing.

Posted by:  |  Time: 7:49 am  |  Topic:  |  Comments: 1
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All the hype leading into Bernanke statement and in the end he said very little. He will use whatever tools needed to grow the US economy. The one point that emerged was his disappointment at the growth in job creation. His underlying view of the economy was weak. Equity markets got little in the way of direction and unusually movement was sideways. The dollar however seemed to like it and put in an impressive rally.

This morning we are no clearer on the outlook for the markets than we were yesterday. We may now range trade for the summer. The range will be wide and volatility will continue but a clear direction is unlikely to emerge. The only possibility is something from Europe, the US is a sideways play.

Bernanke talks again today but it is unlikely he will stir the markets.

Could be a quiet one. S&P levels are 1678 1666   Euro  1.3180  1.3080

One Comment

Ross

July 18, 2013

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I think Mr Bernanke is testing the waters yet again. Leaving door open to either or gains him another few months. Gold & Silver don’t know which way to turn. Perhaps seeing what the market forces will do rather than predicting what US economy will do.