The Fred Report - Monthly April 2012

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Stocks have rallied strongly and exceeded the 2011 high on SPY, moving to the 140 – 143 area as forecast in November 2011. It is not surprising to see overbought readings on some indicators as this occurs. Short-term corrective behavior is likely, but sentiment remains elevated enough that corrections should be short lived. We need more price action to arrive at a new upside target, however. 

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