[su_heading style=”modern-2-dark” size=”20″] Market Update [/su_heading]
The market continues to go nowhere fast as it pauses to digest last week’s manic sell-off and violent recovery. We have the always-fun jobs report tomorrow which will be the last “big” piece of economic data ahead of the Fed’s next meeting in the middle of Sept. In the short term, the market remains “oversold” and extended to the downside. The inability for the market to rally is not a healthy sign. Intermediate and longer term the market continues to get weaker, not stronger. We want to see the S&P 500 trade back above 2040 before the damage can begin to be repaired. Until then, we have to expect this sloppy/sideways to lower action to continue! Here are the next important levels we are watching:
Support is last week’s low (S&P 500 1867) and resistance is last week’s high (S&P 500 1993). As always, we want to see where the market closes this weekend and will have a full report for you this weekend…
Investing Is A Marathon, Not A Sprint
Time is on your side. Remember, investing is a marathon not a sprint. There are times to be long. Times to be short. And times to exercise patience. The market isn’t going anywhere. Patience and defense are king right now.
[su_heading style=”modern-2-dark” size=”20″] Portfolio: Positions & Working Orders [/su_heading]
The FLS Portfolio has handled this correction very well and is 100% in cash. We do not have any new working orders right now.
[su_heading style=”modern-1-dark” size=”18″] Sarhan’s Conviction Leaders List [/su_heading]
For those of you who want more “Action” – our institutional advisory service produced this list of 50 strong stocks that are on our radar right now (Just in case, the market decides to alleviate some of its oversold condition and bounce back into its 50 DMA line).
- INCY
- HRTX
- SRPT
- LXRX
- MDCO (EXTENDED)
- JBLU
- ALK
- DAL
- EXPD
- BLDR
- DXCM
- POST
- TMUS
- VMC
- ATVI
- COMM
- EXPR
- SABR
- PDCE
- TSS
- STZ
- VNTV
- RAI
- LMT
- CVC
- FL
- TWC
- BWXT
- BIG
- CCE
- CUBE
- FB
- EBAY
- NVDA
- AAP
- AMZN
- GOOGL
- CMG
- ORLY
- UA
- SBUX
- SKX
- HD
- TJX
- WTM
- COKE
- RYAAY
- MNST
- UHAL
- EQIX
