Housekeeping:
Due to my travel schedule, this will be the only intra-week update this week (unless market action warrants another).
Market Update:
Stepping back, the market remains very strong. The major indices continue to futz around just below recent lows as big money “rotates” from one area to another. The action remains very “tight” and the absence of selling, suggests the bulls remain in control. We know the major indices are extended and could easily pullback a bit to digest the recent move. Until we see any heavy selling, the bulls have earned the bullish benefit of the doubt. The one point I do want to make is that nearly everyone on Wall Street is bullish right now – and crowded trades rarely work. This time last year, nearly everyone on Wall Street was bearish and 2016 turned into a good year for the bulls. Just because people are bullish doesn’t mean the market can’t rally, just that
FLS Portfolio:
Thankfully, the FLS portfolio is acting very well. Here is a snapshot of the portfolio as of 2:20pm EST,
- The service owns:MU +24.75%, DE -0.12%,
RS -1.07%, ICE -1.20%
B. The service will exit: MU @ 21.74, DE @104.14, RS @79.47, ICE @55.7
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | XLF | 23.74 | 22.97 | -3.24% |
| Open | Buy | IYT | 165.01 | 159.33 | -3.44% |
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.
