Bo Yoder’s S&P Update

The S&P 500 (ETF Proxy – AMEX:SPY) has begun to accelerate to the downside after forming a clear market top in the forecasted area (red zone). We would expect to see some bounce type bullish action this week, but expect that no more than a lower high will form and that this top will hold.

 

Timken Roller Bearing (NYSE:TKR) broke out of the “accumulation” zone, and has been working itself through its first correction.  It has worked its way down into support, and any bounce in the markets this week should help accelerate this stock to the upside.  However, in the face of a major market top in the S&P 500, I have amended my profit target to a much more modest goal just above the recent highs.   The odds are too great for a sharp market slide at this time.  This stock would experience relative strength, it is true, but if the market starts to crack wide open no long will be safe!

Intel, (NASDAQ:INTC) disappointed as it gave up its bull flag without a fight.  An anomalous 8 losing days in a row took price down below the red zone, and triggered stop loss orders for this position.

Bo Yoder

RBJ Financial