Market Update:
Stocks rallied sharply today as the short sellers ran for the hills as the latest polls show the “remain” camp with a slight lead in the Brexit drama. We are back in the the awkward guess the gap environment. The reality is no one knows where markets are going to gap from one day to the next. Based on the market action alone, it looks like the bulls have the upper hand but that could change if they vote to leave and the market gaps down 500 points tomorrow. Stepping back the market is still range bound and the big levels of resistance we are watching are 2120 and then 2134 in the S&P 500. Until those levels break we are still range-bound with a lot of sloppy action occurring beneath the surface. The good news is that markets refuse to go down and continue to trade just below their recent highs. That suggests, it is just a matter of time until we breakout of this LONG sideways trading range. We want to see where the market closes tomorrow and will have a full report for you this weekend. The good news is that we have a lot of dry powder and are very ready to BUY if this market can breakout of this range and go topside.
FLS Portfolio:
There are no open positions and no working orders today.
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 Sarhan Capital is strictly prohibited.
