The Fred Report - Monthly July 2010

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We thought this decline would occur AFTER a summer rally, but it is instead occurring now. Sentiment is getting better. Overall, the message of the market seems to be that this has been a normal correction, and not a new bear market. We remain longer–term positive on equities Conditions for an intermediate rally are present. A test of the 950 area on the SPX remains possible, although not probable, at this juncture.

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