Housekeeping: Since this is a shortened holiday week this is our only intra-week update.
Market Update: A Near-Term Low
The tape remains split as investors continue to move money around beneath the surface. All things being equal, the market feels like it just put in a near-term low today. Of course, if the Nasdaq takes out today’s low then we are headed lower. But underneath the surface, today’s action feels like a near-term low has been placed. The Russell, Dow, and S&P 500 are setting up nicely to break out but are waiting for the tech sell off to work itself out. The big head and shoulders top pattern is still at play in the Nasdaq but one or two good days can easily negate that pattern. As always, we want to see where the market closes on Friday and will have a full report for you over the weekend.
FLS Portfolio:
The FLS portfolio has done extremely well this year and we have earned the right to be patient as the market consolidates its very strong post-election rally. Here is a snap shot of the portfolio as of Wednesday’s close:
The service owns: ADBE +27.11%, BABA +47.98%, GLW +4.06%, COH +2.24%, CAT +0.29%
The service will exit: ADBE @ 131.17, BABA @ 133.07, GLW @ 29.30, COH @46.07, CAT @102.27
Working Orders:
There are no new working orders today. We are comfortable with our current exposure.
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.
