Market Update:
The market remains exceptionally strong as sellers remain virtually nonexistent. The major indices are hugging the 10 day moving average which is near term support. Below that is the 21 day moving average then the more popular 50 day moving average. The inability for the market to fall in a meaningful fashion illustrates how strong the market is right now. Until we see any meaningful selling, weakness should be bought, not sold. I’d love to see a nice light volume pullback into the 50 DMA line and then look to buy the next bounce after the dip. Of course, we have to see how the market reacts to Trump tonight. The consensus is that the market will sell off hard after the speech. The consensus is usually wrong. We know the market is very extended and could easily sell-off but we have to wait and see because it’s been been very extended for a while. Remember, it’s not the news that matters, it’s how the market reacts to the news.
FLS Portfolio:
Thankfully, the FLS portfolio continues acting very well. The service will add more risk after the next pullback. Here is a snap shot of the portfolio as of this writing (today’s close):The
The service owns: ICE -0.75%, ADBE +6.53%, BABA +5.11%, HACK +2.36%, EBAY +3.16%
The service will exit: ICE @ 56.57, ADBE @ 111.09, BABA @ 97.9, HACK @ 28.38, EBAY @ 32.86
Working Orders:
No new 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.
