The Fred Report - Monthly September 2014

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SPY closed August near summer rally targets after an intervening pullback. We still expect a test the 203 level on SPY, and possibly 209. Failure to materially exceed these areas and then a break of 190 would suggest a correction of magnitude is underway. For now, in spite of last month’s trading, the overall market view remains where it was – neutral, and proximity to trading targets suggests that caution flags are out – and some call writing may be in order.

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