[su_heading style=”modern-2-dark” size=”20″] Market Update [/su_heading]
We started Tuesday’s update by saying, “The market remains strong and the fact that it refuses to fall is bullish. Especially, when you couple it with the fact that almost everyone doesn’t “trust” this market and the major averages are trading less than 3% below their 2015 and/or record highs.” The market remains strong and the fact that it opened lower and is on track to close higher for the week bodes well for the major averages and this 6-year bull market. Suffice it to say, the bulls remain in control and this little 6-month sideways trading range appears to be a bullish platform that the market will use to jump off of and hit new highs (still needs to be confirmed). We like the fact that the major averages have been trading in a relatively tight range over the past few weeks/months just below resistance (and in the upper half of their multi-month trading ranges). Typically, that bodes well for the bulls and suggests higher prices will follow. Especially, in light of the fact that most of the economic data we have seen of late remains lackluster at best which suggests the data-dependent Fed will not raise rates anytime soon (that is the primary driver of this entire bull market and remains intact). We want to see where the market closes tomorrow and will have a full report for you this weekend. Barring some large unforeseen sell-off, the market looks like it wants to head higher from here.
[su_heading style=”modern-1-dark” size=”18″] Positions [/su_heading]
The FLS portfolio continues to act well and we are well positioned if the market decides to move higher… If not, we are out and comfortable. As of this writing (1:37 pm EST),
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The service owns: TSLA +19.01%, GDX +3.98%, AAPL -1.01%,
NFLX +1.37%, REGN +0.38% -
The service will exit: TSLA @ 204.69, GDX @ 19.24, AAPL @ 121.62,
NFLX @ 551.97, REGN @ 453
[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 | 99.57 | 94.57 | -5.02% |
| Working | Buy | HACK | 30.47 | 28.69 | -5.84% |
| Working | Buy | MTH | 45.67 | 43.25 | -5.30% |
| Working | Buy | XLF | 24.87 | 24.03 | -3.38% |
[/su_table]
