NEW YORK (Real Money) -- Strategic adjustments: I have slightly adjusted my S&P 500 fair market value downward from 1455 to 1430 -- the market is still about 5% undervalued. A trading range of 1290 to 1430 seems probable for the balance of 2012. Against the anticipated trading range above, reward and risk remain basically in balance (70 S&P points up and 70 S&P points down).
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