Our favorite money printer, Helicopter Ben, made comments today alluding to more QE – QE3.
While He didn’t come right out and say more QE – he did make some dovish comments around the current “accommodative monetary policies”.
Markets love their sugar fix (at this point we might as well call it a heroin fix) sending the averages up today.
Oil fell 16 cents to $107.03 – if we can stay around these levels we should be okay – don’t forget that its really Brent Crude that drives the global markets – not WTI traded on the NYMEX.
Gold continues to hold above $1660 which is a key resistance level and which could turn into the new floor.
Markets should stay inflated this week heading into to the quarters end, but come April there won’t be anything to artificially inflate the markets as they are now – unless our good friend Helicopter Ben comes to the rescue again.
Get your shopping list ready – and keep the finger off the trigger this week unless you only have a few days as a time horizon – at these levels its not suggested to start any long positions.
Wait for the correction.