Bo Yoder S&P Update

The S&P 500 (ETF Proxy – AMEX:SPY) is pushing back up to the range highs on extremely low power.  I would expect to see this push tail off as the highs are reached, and don’t expect much energy to enter this index unless a news event can attract attention.

SPY 5-3

Morgan Stanley (NYSE:MS) is basing near highs with rising power.  I would expect to see the price breakout above the $37.80 level in the next few days, and would consider stop loss orders below the $36.30 area.

MS 5-3

Valero Energy (NYSE:VLO) is trying to work its way down to the 200 SMA (Purple line) which is my next profit goal. The bullish engulfing bar that formed on Friday’s session makes me feel more aggressive about trailing stops to above the $61.50 area

VLO 5-3

 

Freeport-McMoran Inc. (NYSE:FCX) has followed through nicely and is now testing the $24 per share target zone.  I would exit in full at this point as this has been a textbook hold which has now reached it’s logical conclusion.

FCX 5-3

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