The Fred Report - Weekly May 31, 2022

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There was enough momentum on the downside so that this should have a retest – and this sort of formation should have the retest by the end of June.  One concern about this rally is that call premiums are really high, suggesting a near term pullback, and SPY could easily pull back to 404 to 405, before having another surge.  Biotechs are the most interesting speculation in this area and may indeed be the most interesting speculation for the remainder of 2022 and into 2023.

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