The Fred Report - Monthly August 2011

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Last month, we noted that indicators may not have set up a strong summer rally. While this is a surprise, this seems to be occurring. We have felt that the biggest opportunity of 2011 would be a buy signal after a spring correction. While an intermediate buy could still occur, intermediate indicators are weakening and price action is as well. This suggests a summer rally is less likely – and in fact a significant decline may start. Caution flags are out. How the market treats these oversold readings is key to the rest of 2011.

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