The Fred Report - Monthly December 2010

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The SPY has broken above the 114 resistance noted in the last report and is consolidating. The consensus opinion is that “gridlock is good” for the markets. We believe it is, but think the market has discounted this to some extent. So far our scenario of a sharp drop after the midterm elections has played out; now we look for a yearend rally which may lead to an intermediate top.

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