Market Update:
Stocks continue to race higher as institutions are buying up big cap tech today. The QQQ is breaking out and several big cap tech stocks are racing higher and moving above early entry points highlighted in prior reports. The market looks strong and unless we get a huge hawkish surprise from the Fed tomorrow we have to believe stocks are pricing in a 0.25% hike and are “ok” with that reality. Another noteworthy area are energy stocks as they try to rally along side crude oil. OPEC and Non OPEC members reached a deal over the weekend to cut production for the first time since 2001. Oil gapped up then sold off a bit yesterday, we’ll see how it plays out for the rest of the week. Technically, oil is breaking out of a bullish head and shoulders bottom pattern and as long as WTI crude stays above $50-$52, higher prices should follow.
FLS Portfolio:
Thankfully, the FLS portfolio is acting very well. The service sold RS for break-even on Monday as it pulled back. As of this writing, 1:35pm EST,
- The service owns:SMH +23.82%, MU +13.71%, CME +7.31%
B. The service will exit: SMH @ 67.37, MU 18.16, CME 117.08
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | AMZN | 792.4 | 757.2 | -4.44% |
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.
