The Fred Report - Weekly May 7, 2012

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We continue to look for a test of the 134 – 132 area on SPY, and then a summer rally - and if this is going to work, this should be the start of that pullback.  Accumulation models on bonds suggest the rally in TLT will end in the 120 area, and the next significant move will be to test, and possibly exceed, the 110 area support on the downside.  GLD still looks like a bottoming formation will be completed above 165, and trading there would target 174, then 185.

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