The Fred Report - Monthly May 2012

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Stocks have consolidated/corrected a bit and resolved the overbought condition on most indicators. We now expect a summer rally to occur on increased bullishness. This should start this month and could test the 148 area on the SPY, leading to the most significant decline of 2012. Sentiment indicators are starting to deteriorate and a summer rally would create enough complacency to cause a correction, in our view.

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