The Fred Report - Mid Week Update August 18, 2010
What is happening is this action is allowing the short-term stochastics to fall back into the buy area. We would be more bullish if the market had a relatively flat close week over week, i.e. the SPY was to retrace a bit and close between 108 and 109. We also note that until the SPY trades through the 114 area, there is above average risk, although there are more and more clues suggesting that we will, in fact, trade higher.
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