The Fred Report - Monthly July 2011

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The SPY declined, but not enough to give us the set up we wanted to insure a strong summer. Breadth indicators have improved, and sentiment indicators have improved as well. We have felt that the biggest opportunity of 2011 would be a buy signal after a spring correction. While an intermediate buy could still occur, intermediate indicators are not as clear as we hoped to see at the end of June. This suggests a summer rally is likely – and we will evaluate the move as short-term indicators become overbought.

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