[su_heading style=”modern-2-dark” size=”20″] Market Update [/su_heading]
The major indexes are under a little pressure as the transports continue to woefully under-perform and are forecasting a recession (notwithstanding the Fed/EasyMoney). Lots of other areas are breaking down and/or getting in trouble which definitely raises concerns for the major indices. The S&P 500 kissed its 150 DMA line today before trying to bounce. It should be noted that even with a lot of important areas breaking down, the S&P 500 is only -2.6% below its record high. We’ve seen this scenario play out several times in the past few years and each time the market got in trouble/pulled back some central bank came out and “saved” the day… The Fed is slated to meet next week (Tues/Wed) and are expected to provide more clarity with respect to their next rate hike. At this point, our stops are in and we will let the market guide us – in and out.
[su_heading style=”modern-2-dark” size=”20″] Portfolio Update [/su_heading]
REGN has been halted all day pending an FDA announcement. Of course, anything is possible but our gut tells us that the people at REGN are on their knees begging the FDA not to crush the company. Anything is possible and we hope we are wrong but we’ll see what happens when the stock re-opens. Separately, the service sold AAPL earlier today for a minor -1.04% loss and SWKS for break-even. Here is a snapshot of the portfolio as of 3:31 pm EST:
[su_heading style=”modern-1-dark” size=”18″] Positions [/su_heading]
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The service owns: TSLA +24.60%, NFLX +12.43%, REGN +8.23%, XLF -0.72%, HACK +3.05% The service will exit: TSLA @ 234.87, NFLX @ 576.13, REGN @ 486.10, XLF @24.03, HACK @ 28.69
[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 | AMZN | 439 | 414.55 | -5.57% |
| Working | BUY | DPZ | 111.43 | 105.14 | -5.64% |
| Working | BUY | MTH | 46.05 | 43.13 | -6.34% |
[/su_table]
