The Fred Report - Mid Week Update August 17, 2011

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We have a short-term buy signal that should be good enough to take us up through the 120 area to the 123 area we have suggested should occur.  We have no changes in opinion on other markets – Bonds should be lower at the end of the week, gold higher – but risk of a sharp drop remains for both.  The Accumulation Models on both XLI and XLB have improved from the horrid levels of two months ago – but still look dicey.

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