The Fred Report - Weekly January 3, 2017

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The market closed out the year in oversold territory on many of the short-term indicators, suggesting the start of 2017 will be in rally mode. The next set of overbought readings on the daily indicators will coincide with overbought weekly and monthly indicators, and this may produce more severe corrective behavior. Expect this around February 1st.  While some sideways and choppy action over the next couple of weeks would not surprise us, it is likely that bonds will rally from here and get at least weekly indicators overbought again.



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