The Fred Report - Weekly January 23, 2012
We expect that 7900 on $NYA will be fully tested, and ultimately exceeded, but note that this would be a logical place for a pullback to begin. U.S. treasuries continue to look overextended to us. What is interesting here is that accumulation models on both USO, UHN, XLE, and OIH all look much better than the price charts of these ETFs, and for this reason we have elected to remain overweight oil and oil stocks for the time being.
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