Market Update: Stocks Are Strong
In last Tuesday’s intra-week update I wrote, “Monday was a big support day for the market. Last week we saw the major indices flirt with important support (some days close below it – some above it) but Monday support was tested- and defended (Look at the IWM, QQQ, and SPY). Last week, we saw several negative reversals (market and leading stocks opened higher but closed lower) then on Monday we saw the opposite – a plethora of positive reversals (market and leading stocks opened lower but closed higher- after support was defended). That is a big positive sign and suggests higher prices will likely follow.” That was spot on and the market has rallied nicely since. The only thing I have to say now is that the market is getting a little ahead of itself again and I wouldn’t be surprised to see a nice pullback to digest the recent gains. Earnings season kicks off later this week with the big banks and then a slew of earnings to follow over the next 4-8 weeks. It’s never a dull moment on Wall Street.
FLS Portfolio:
The service bought AAPL yesterday and thankfully the portfolio continues acting very well. Here is a snapshot as of Monday’s close:
Positions:
- The service owns:
ADBE +124.84%, ISRG +58.41%,
QQQ +7.58%, NFLX +30.48%, SQ +32.69%, AAPL +0.67%
- The service will exit:
ADBE @ 207.12, ISRG @ 393.47,
QQQ @164.71, NFLX @ 344.17, SQ @ 53.56, AAPL 183.32
Working Order
| Order | Symbol | Buy Stop | Sell Stop | % Change |
| Open | DBX | 33.83 | 31.07 | -8.16% |
Disclaimer:
This analysis contains information from resources believed to be reliable but are not guaranteed as to accuracy or wholeness as of the date of this publication. Past performance is not necessarily indicative of future results. There is always a risk of loss in trading and investing. Opinions articulated are subject to change without notice. This analysis and any opinions expressed are intended for educational purposes only and should NOT BE interpreted as a call for engagement in any transaction involving the purchase or sale of any security or investment product or service. The risk of loss in investing and or trading can be substantial, and traders/investors should carefully consider the inherent risks of such an investment in light of their financial condition. The author, firm, associates, or the firm’s clients may have a position in any of the investments mentioned and their positions are subject to change without notice. Any reproduction or retransmission of any portion of this report without the express written consent of 50 Park Investments is strictly prohibited.
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