The Fred Report - Mid Week Update December 7, 2011

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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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