[su_heading style=”modern-2-dark” size=”20″] Market Update [/su_heading]
The bulls remain in control of the market as the major averages and several leading stocks continue acting very well. The small-cap Russell 2000 index and Nasdaq composite broke out to new highs recently and continue to lead their peers. Meanwhile, the Dow Industrials & the benchmark S&P 500 are still range bound which is not ideal. The bulls want to see the Dow Industrials and the S&P 500 breakout and hit new highs in the very near future to confirm this breakout and help give it legs. For now, the latter remain range-bound which is a slight negative divergence showing up on our radar. Additionally, the Dow Transports continue to woefully under-perform which is not ideal.
[su_heading style=”modern-2-dark” size=”20″] Portfolio Update [/su_heading]
Thankfully, the FLS portfolio continues acting very well and we are comfortable with our current exposure. The big standout breakout today was Facebook ($FB) and we should have bought using our early entry but decided to hold off because the social media group has not been acting well over the past few months (since TWTR, YELP and LNKD gapped down after Q1 earnings were released). We are also comfortable with our current exposure but cannot argue with anyone who bought Facebook today. It is clearly a powerful institutional quality stock and looks like it wants to rally from here. Here is a snapshot of the FLS portfolio as of Tuesday’s close:
[su_heading style=”modern-1-dark” size=”18″] Positions [/su_heading]
-
The service owns: TSLA +30.77%, NFLX +18.24%, XLF 1.21%, HACK +10.27%, DPZ +1.97%, MTH+0.02%, AMZN +1.59%
-
The service will exit: TSLA @ 234.87, NFLX @ 576.13, XLF @24.03, HACK @ 28.69, DPZ @ 105.14, MTH @ 43.13, AMZN @414.55
[su_heading style=”modern-1-dark” size=”18″] Working Buy Orders [/su_heading]
There are no new buy orders today
