The Fred Report - Monthly June 2010
We thought this decline would occur AFTER a summer rally, but it is instead occurring now. Sentiment is getting better. Overall, the message of the market seems to be a normal correction, and not a new bear market. We remain longer–term positive on equities with a caveat – this correction should take more time, and it is possible that the markets make new lows before the next intermediate rally. A test of the 950 area on the SPX is possible, although not probably at this juncture.
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