The Fred Report - Monthly July 2012
Stocks corrected to our forecast area of 132 and resolved the overbought condition on most indicators. What should have been a strong buy pattern failed at 136, our first stopping point. This is a concern. The expected summer rally could end in the most significant decline of 2012, Unless the intermediate technicals are repaired soon. Sentiment indicators are starting to deteriorate and put/call indicators are showing some complacency – how the market reacts to the next intermediate overbought condition is important.
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