The Fred Report - Weekly September 13, 2010
This is options expiration week, and the weight of the evidence is for at least an attempt to the upside. So far the pattern on the SPDR S&P 500 Trust (SPY) is an inverse head and shoulders bottom and a move above the 114 area would target higher highs. Our expectation is that this week will see the bond market break, and the stock market rally. We caution investors that we remain very positive on gold and the metals longer-term, but that we should be buying on a scale down to 116.
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