S&P update with Bo Yoder

The S&P 500 (ETF Proxy – AMEX:SPY) as predicted last week was unable to follow through after its most recent breakout.  I still see this market as mostly risk without all that much reward unless you are scalping intra-day (Don’t misunderstand…The daily is a mess, but there is still TONS of opportunity there in the smaller time frames if you are able to monitor the intra-day action.).

SPY 5-29

Proctor & Gamble (NYSE:PG) drifted lower out of its bearish flag formation without offering me an entry.  Now, it is testing the lows without any bearish power to act as confirmation.  I would expect to see this low produce a snapback, and if already involved would take this as a signal to take profits and move on to the next trade.

PG 5-29

 

Patience in Morgan Stanley (NYSE:MS) is being rewarded as my prediction comes true that this stock would continue to grind higher.  I am however worried about the lack of bullish power in this last push higher.  The odds for a double top to form are high, (60%-70%) and I would be very aggressive to take profits in full if the daily chart confirms a double topping pattern next week.

I would want to see a solid close above the $39 per share area before relaxing and trailing stops to let the trend continue.MS 5-29

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