The FRED Report

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The Fred Report - Mid Week Update October 06, 2010

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The SPY (SPDR S&P 500 Trust) has broken out above the resistance at 114 to 115.  We continue to believe that the XLY (SPDR Select Sector Consumer Discretionary), and IYW (iShares Dow Jones US Technology Sector ETF) are leading sectors.  We think that this rally is likely to be of sufficient magnitude that all sectors will participate – but the danger of underperformance through buying weakness rather than strength, especially at this time of year, is real.

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