[su_heading style=”modern-2-dark” size=”20″] Market Update [/su_heading]
We received quite a few questions/emails from the press and many readers over the past 24 hrs asking us about the current action on Wall Street. The short answer is the market is range-bound. By definition, the market is moving sideways until either support (2039 in the S&P 500) or resistance (2134) is taken out. That’s all that matters. Underneath the surface we are seeing a lot of sloppy action which leads us to believe that the major indices are in the process of forming a large topping pattern. Right now patience is king until either support or resistance is taken out. If this is indeed a large topping pattern, the top will be confirmed if/when support is taken out. Until then, we are moving sideways and we would be remiss not to note that we are only 5% below record highs fro the major indices (so a few strong days/weeks and we could easily move to the upside). For now, that’s all she wrote. Everything else (latest positive/negative headline du jour) is just noise.
[su_heading style=”modern-2-dark” size=”20″] Portfolio Update [/su_heading]
Thankfully, the FLS portfolio is performing very well considering how the major indices have been acting in recent weeks. Here is a snapshot as of 2:52 pm EST:
[su_heading style=”modern-1-dark” size=”18″] Positions [/su_heading]
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The service owns: AMZN +19.54%, XLF +1.21%, REGN +8.88%, UA +13.34%
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The service will exit: AMZN @482, XLF @24.03, REGN @ 521, UA @ 92.77
[su_heading style=”modern-1-dark” size=”18″] Working Buy Orders [/su_heading]
We are comfortable with our current exposure and there are no new buy orders today
