[su_heading style=”modern-2-dark” size=”20″] Market Update [/su_heading]
The major averages appear to be getting weaker, not stronger. The good news is in most cases, the major averages are just below record highs or 15yr highs in the Nasdaq/Nasdaq 100. It is also healthy to see the primary driver for this entire 6 year bull market remains easy money from the Fed and other central banks, and for now that is alive and well. Overnight, we saw Australia’s Central Bank cut rates for the second time this year. For now, the market continues to react well to the easy money sloshing around the globe from central banks, eventually it will end. Until then, the bullish pixie dust (GaryK reference) continues to come in whenever the market shows the first sign of trouble. That’s about it for the good news. The not-so-good news is that under the hood there is a lot of sloppy action occurring and just outright failures which is not ideal, especially at this point in this aging bull market. The biotech sector remains under pressure and failed at its 50 DMA line yesterday ($IBB). Earlier today, the Russell 2000 sliced below last week’s low which is not ideal and suggest (in the near term) we are probably headed lower. The bulls want to see the Russell 2000 jump back above its 50 DMA line, sooner, rather than later.
[su_heading style=”modern-1-dark” size=”18″] Positions [/su_heading]
The FLS portfolio continues to navigate this difficult tape rather well. As of this writing (3pm EST)
- The service owns: TSLA +13.50%, HACK +0.97%, SPY +0.97%, GDX +0.25%, AAPL -2.86%, NFLX -1.31%
- The service will exit: TSLA @ 204.69, HACK @ 28.85, SPY @ 206.98, GDX @ 19.24, AAPL @ 121.62, NFLX 551.97
[su_heading style=”modern-1-dark” size=”18″] Working Buy Orders [/su_heading]
[su_table]
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk from Entry |
| Working | Buy | SWKS | 100.58 | 94.57 | -5.98% |
[/su_table]
