Last week’s rally did not look great on accumulation models, and while we think the market can move higher here, over the very short-term especially, it is quite likely prices fall just a bit to close in the 121 to 122 area on SPY for the year, in line with our forecast. Bonds continue to trade opposite stocks, and from the standpoint of their accumulation models look surprisingly better than equities. Seasonally oil, and then the metals, tends to work the best into the winter months.
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