The Fred Report - Mid Week Update October 27, 2010
We have no real change in our market opinion, which is that a sharp drop may occur after the election. We note that the SPY has rallied to test the 120 resistance again and that this is the key 2008 breakdown point that held the market back at the April highs. The dollar looks like more upside should occur, and this could have a deleterious effect on gold. We continue to look for 96 on the TLT.
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