Market Update:
Over the past 24 hours, the bulls showed up and defended critical support near the 50 DMA line for the S&P 500, Dow Jones Industrial Average and the Nasdaq Composite. As mentioned several times over the past few weeks, that is the next critical area of support that must be defended. For now, this appears to be another bullish short term pullback and we are now experiencing the bounce after the “dip”. In last Thursday’s update we mentioned “Window Dressing” and conveniently the “bounce” is happening just in time to save the month and quarter. Remember, we only care about “what” is happening not “why” someone things something will happen. Filtering out all the noise, the bulls remain in clear control as long as the major indices stay above their respective 50 DMA lines.
FLS Portfolio:
Thankfully, the FLS portfolio continues acting well. The service raised its stops before the last pullback began and we are well positioned as the market bounces.
Here is a snap shot of the portfolio as of this writing (3:07pm EST):
The service owns: ICE +3.96%, ADBE +16.20%, BABA +10.48%, HAS +0.36%
The service will exit: ICE @ 58.07, ADBE @ 117.22, BABA @ 100.77, HAS @ 97.17
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | GDXJ | 38.58 | 37.71 | -2.26% |
| Open | Buy | DPZ | 187.38 | 178.39 | -4.80% |
| Open | Buy | NVDA | 109.97 | 106.36 | -3.28% |
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 50 Park Investments is strictly prohibited.
