The Fred Report - Weekly January 3, 2012
The Stock indexes have formed Head and Shoulders bottoms – all we need is more strength, at least in the case of the Dow and Dow Transports, to resolve these to the upside. Bonds are overbought and accumulation models are deteriorating – we remain cautious here especially in the case of US treasuries. USO (United States Oil Fund) is right up to resistance, but continues with favorable patterns, especially on a move above 40.50.
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