Market Update:
It was another ugly day on Wall Street. Stocks fell hard, then tried to bounce, then fell again into the close. OPEC came out at 2:38pm EST and said the cartel may be ready to cut production and that sparked a big intra-day rally on Wall Street. Crude oil also jumped on the news. The buying was short lived because seller showed up and sent stocks lower into the close. The timing was very interesting because this came literally 1 minute after the S&P 500 broke below important support (Jan 20, 2016 intra-day low of 1812.29). In the short term, stocks remain under serious pressure and the inability to bounce speaks volumes to how weak the market is right now.
FLS Portfolio
The service covered its short position and is VERY happy to be in cash right now. We want to see where the market closes and will have a full report for you this weekend!
Working Orders:
There are no 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.
