The Fred Report - Weekly March 11, 2013
We note that stocks are close to our objective of 156 on SPY set several months ago. While we see higher prices, anyone with extremely risk adverse clients should consider some defensive action in honor of our arrival in this target zone. The recent down move in TLT leaves the door open to 110 or lower. Cocoa, Sugar, and Coffee are all down over the last several months, which indicates weak demand for these commodities and supports the possibility of a weaker second half to 2013.
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