The Fred Report - Weekly September 6, 2011
Should the market finish this week strongly up, and then start to sell off – we are vulnerable to a move to, or through, the August lows. The strength in corporate and municipal bonds implies that whatever else is wrong fundamentally, there is unlikely to be a severe credit crunch like the 2007 – 2009 bear markets. We note that our “tale of two Europe’s” theme is alive and well – with Germany and France performing better than Spain and Italy.
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