The Fred Report - Monthly June 2014

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Sentiment remains too bullish, and some corrective behavior now would set the stage for a good second half to 2014. We still think SPY can trade at 203 or so in 2014, but are concerned that the latest rally is concentrated in several large cap “story stocks” and not a broad based move. This can mask weakness in the broad market. This is shown by the relative weakness in IJR and MDY.

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