Bo Yoder´s S&P update

The S&P 500 (ETF Proxy – AMEX:SPY) continues to chop around without direction or sponsorship. Our forecasting model has the market at a short term low, with the odds highest for a short term rally back up into the $208-$210 area, then the odds are growing that a range will form.

SPY 7-11

Pfizer Inc. (NYSE:PFE) PFE experienced a total flip in power, and is likely to short squeeze back up to take out the $35 per share level. This is disappointing, but the prudent action would be to take this trade off as a scratch no that things have changed.
PFE 7-11

Apple Inc. (NASDAQ:AAPL) was able to hold the trail stops area near the $129 level and follow through to the downside.  Apple is finding a short term bottom here, and is likely to correct back higher before reaching back down to attack the $120 region.  The down move is pretty extended at this point, and I would expect to see a pretty significant whip back to the upside.  This is a great place to take profits and wait for a re entry point into a lower high in the future.

 

AAPL 7-11

JP Morgan Chase (NYSE:JPM) is back on my radar after it formed a blow-off top and rolled down into the most serious correction it has experienced in some time.  I would expect to see the bulls come back into the stock over the next week, but would expect to see it form a lover high or double top pattern as the growing bearish energy takes over.  If the topping pattern forms, I would expect to see the $61-$64 area challenged, which offers a nice reward/risk scenario for short exposure.

JPM 7-11

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Rbjfinancialgroup.com

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