The Fred Report - Monthly May 2011

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The SPY has rallied through our short-term objective of 135 on the SPY, but not by much. Breadth indicators have improved, but sentiment indicators have worsened markedly – including some prominent bears moving to the bullish camp. We have felt that the biggest opportunity of 2011 would be a buy signal after an upcoming correction. If this scenario is going to work, the market should be correcting by mid-May.

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