The Fred Report - Mid Week Update December 7, 2011
Stocks have continued to move higher this week, and have approached, but not yet challenged, the key resistance areas we have been observing (IWM 77 – 78, NYA 7700 – 8000, MDY 168 or so). What we would like to see to generate some more bullishness – is a pullback to the 122 area or so, followed by moving through the aforementioned resistance areas. Gold has held support and started to rally – above 177 on GLD would be strong and we expect at least a test of that area before the end of the year. Commodities as represented by DBC are continuing to improve within a basing pattern – we would use dips to add in here.
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