The Fred Report - Weekly October 22, 2012
Until SPY penetrates 141, a test of 148-150 is not off the table and the fact that our minimum objective of 146, where we advocated writing calls, has put a lid on the second part of this rally, is a concern. One of the reasons we think a correction in stocks could occur, is that we have some strong buying indications on TLT. Models continue to suggest that gold should outperform stocks into yearend, and a close above 175 suggests our four-month objective of 184 should be met.
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