Market Update:
The big takeaway from Monday’s shellacking on Wall Street is that defense is still paramount as the market continues getting weaker, not stronger. Monday’s steep sell-off confirms our cautious stance over the past several months. The “chop-fest” continues on Wall Street and we are very happy to play light until a new trend develops. Tomorrow we have a slew of economic data being released followed by the always fun jobs report on Friday. Then earnings season kicks off and that is always fun. Remember, we have done very well over the years because we know when to be involved and more importantly, when not to be involved. Stepping back patience and a very strong defensive stance are your two best friends at this juncture.
FLS Portfolio:
FLS is happy with its current exposure and is ready to buy if the bulls show up in a meaningful way. Otherwise, if the market falls from here we are out and comfortable.
Positions:
A. The service owns: AMZN +17.97%, MSFT -0.05%
B. The service will exit: AMZN @ 620.31, MSFT @ 52.47
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | FB | 107.98 | 98.62 | -8.67% |
| Open | Buy | SPY | 211.72 | 201.93 | -4.62% |
| Open | Buy | MA | 100.9 | 97.76 | -3.11% |
