The Fred Report - Weekly August 1, 2011

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We believe in the adage “be quick to turn bullish and slow to turn bearish”, and certainly we could see some real improvement here – but caution is indicated unless we move quickly above the 135 area on SPY.  Unless we exceed recent highs on broader indexes such as the NYA (NYSE Composite), the possibility for further corrective action remains.  Commodities remain our favorite asset class, and we note that gold has made all time highs.  A move above the 77 area on DXY would break the trading range to the upside.

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