Market Update: Textbook Action
The market remains exceptionally strong. What a difference 24 hours can make on Wall Street! In my webinar last night (watch it here), I said yesterday’s action reminded me of June 9th’s big sell-off and that quickly recovered. So, don’t count this market out just yet. Little did I know the market would rip higher today. The market soared after the tax cut now appears to be a done deal. From my point of view, there is no question a tax cut will happen, it is just a matter of how big the cut will be. In any event, that should be bullish for both Main Street and Wall Street for the foreseeable future (especially because interest rates are still incredibly low).
BlockChain/Bitcoin Update:
Bitcoin appears to have put in a near term top thanks to the huge 2,000 point intra-day reversal after breaking above 11,000 on Tuesday. Who would buy that high is beyond me but the mania continues. Blockchain, the technology behind bitcoin, is really powerful. But just be careful blindly buying bitcoin and chasing bubbles. Feel free to reply to this email if you want to invest in this space.
FLS Portfolio:
The FLS portfolio continues acting well. On Monday, the service added MELI. Currently, the service is sitting on lofty gains and the protective stops were recently moved up to protect our positions. Here is a snapshot of the portfolio as of Thursday’s close:
Positions:
The service owns:
ADBE +63.35%, BABA +80.88%, CAT +31.69%, ISRG +26.80%, NFLX +8.71%, NVDA +19.91%, RMD +9.91%, MNST +11.83%, MELI +0.21%
The service will exit: ADBE @ 147.94, BABA @ 166.67, CAT @ 120.07, ISRG @337.27, NFLX @179.27, NVDA @187.62, RMD @ 77.70, MNST @56.04, MELI @ 250.73
Working Orders:
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.
