The Fred Report - Monthly August 2013

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Stocks have had a strong rally in the first half of 2013, and have hit price projections made last November. If we have made a mistake so far this year, it is that we were not aggressive enough on this summer rally, which we normally play. However, indicators suggest that much, if not all, of this latest rally from June will be retraced, although our summer rally target of 176 on SPY remains possible in August.  Caution is indicated, and a sharp down month in August or September seems highly probable.

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