The Fred Report - Weekly October 31, 2011

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We do not have any indicators suggesting an intermediate top of significance, so still believe pullbacks should be sharp and limited.  If the market runs away from institutions, they have little time to recover before yearend statements hit client mailboxes. This could cause “performance chasing”.  As long as GLD is above 165 this move could have legs.  We continue to expect a strong move up in commodities into yearend. 

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