Market Update: Stocks Are Strong
On Tuesday, I wrote, “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.” Almost on cue, the market fell hard on Wednesday (enter any headline you want) to work off the excess/extended nature. Right now futures are up a little but I still wouldn’t be surprised to see the market drift lower over the next few days- just to consolidate its recent rally. I also would be remiss not to note that on a weekly basis the major indices are trading in the lower half of their respective ranges. Just putting it out there as we approach the end of the week. Either the bulls show up and send the market higher by tomorrow or we have a weak, or negative close on a weekly basis. If the latter occurs, that will signal near term fatigue and may signal a steeper pullback.
We Are In A Bull Market…
Bigger picture, we are still in a bull market, and surprises in bull markets, happen to the upside, not the downside. Additionally, it is important to note, that in bull markets just about all news is bullish. So, please keep that in mind when you find yourself asking “why” this or “why” is the market doing that? For now, the next big catalyst is earnings season and the big banks are set to kick off earnings season over the next few days. As always, I want to see where the market closes tomorrow and I’ll have a full report for you this weekend.
FLS Portfolio:
The FLS portfolio continues acting very well. Here is a snapshot as of Wednesday’s close:
Positions:
- The service owns:
ADBE +123.35%, ISRG +59.93%,
QQQ +7.11%, NFLX +30.38%, SQ +30.40%, AAPL -0.76%
- 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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