The Fred Report - Monthly January 2014

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Stocks had a strong rally in 2013, and we remain long-term bullish, while seeing short term excesses that concern us. The internals, especially sentiment, continue to weaken. A small correction now would be extremely positive, and lead to much higher highs in 2014. Stocks are not well positioned to withstand a negative surprise. We are comfortable maintaining a neutral/defensive position, looking to deploy cash on a correction. We think SPY can trade at 203 or so in 2014.

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