Market Update:
I want to begin by repeating what we said in our weekend note, defense is paramount at this juncture. The Central Bank interference is beyond nauseating and eventually markets will stop reacting so well to all the easy money sloshing around the globe. Friday was a brutal day, yesterday was impressive. As of this writing, 8:15am, futures are down big giving up half of yesterday’s rally. It’s nothing more than a coin toss at this point as the market is held hostage by the Fed (and other central banks).
FLS Portfolio:
Thankfully, the FLS portfolio continues acting well considering how sloppy the market is right now. The service sold QQQ and BLK yesterday right at the open when they both gapped down below our protective sell stops. Remember, our buy and sell stops become market orders whenever a position gaps above or below our stop. We want to take our time before adding more risk. As of Monday’s close the service owns:
A. The service owns: SMH +10.98%, XLF +2.14%
B. The service will exit: SMH @ 62.96, XLF @ 23.65
Working Orders:
There are no new 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.
