Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:
The S&P 500's recent action has been a little disappointing for the bulls. Further pullback towards 2,400 is likely, with the downside risk limited to the low/mid 2,300s. Bullish forces will be hoping for a push back in the form of a summer rally that should begin later this month.
Our June optimism has turned a little more cautious in the short term. The next few weeks may place a premium on risk control and portfolio protection. A better buying opportunity should emerge later in the month.
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Ron Meisels