The Dow Jones Industrial YO-YO reversed again today. Like a young boy playing with his favorite, shiniest, Yo-Yo, the string was tugged upward and the $DJIA rallied over 400 points.
Will it reverse again tomorrow; or is the young lad growing tired of the same toy? Perhaps he will put it down and allow the markets to choose a direction for a few days…perhaps.
The expected rally allowed us to recommend taking a partial profit in JPM and raise its trailing stop. Our near-term target is $114 before its earnings are released Friday morning before the bell. But one needs to stay vigilant, lest the markets reverse lower yet again without protection.