Market Update:
Once again the bulls refuse to go down without a fight! In Tuesday’s update, I said the next level of support to watch is the 50 DMA line. When you have a chance, take a look at a simple one year daily chart and look at where support was defended in the S&P 500 and other major indices. For now, that is clearly the next level in the sand to watch.
Window Dressing
Additionally, we would be remiss not to note that, we are approaching the last week of the month and quarter and that usually comes with a slight upward bias. Legally, window dressing is not permissible, but, it happens, and guess you can’t stop it when nearly “everyone” does it. From where we sit, the bulls are still in control as long as the major indices stay above their near term 50 DMA lines. If the 50 DMA line is broken, look out below.
D.C. Politics
Janet Yellen, and a few other Fed officials will be speaking today and tomorrow. In D.C. it appears an 11th hour deal may be struck (what else is new in D.C.) and cooler heads are going to prevail with respect to the healthcare bill. That helped allay concerns that President Trump’s other policies may not get passed. As always, we want to see where the market closes tomorrow and will have a full report for you this weekend.
FLS Portfolio:
Thankfully, the FLS portfolio continues acting well. The service raised its stops over the weekend. Here is a snap shot of the portfolio as of Wednesday’s close:
The service owns: ICE +3.89%, ADBE +13.61%, BABA +8.37%, HAS -0.56%
The service will exit: ICE @ 58.07, ADBE @ 117.22, BABA @ 100.77, HAS @ 97.17
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | GDXJ | 38.58 | 37.71 | -2.26% |
| Open | Buy | DPZ | 187.38 | 178.39 | -4.80% |
Disclaimer:
This analysis contains information from resources believed to be reliable but are not guaranteed as to accuracy or wholeness as of the date of this publication. Past performance is not necessarily indicative of future results. There is always a risk of loss in trading and investing. Opinions articulated are subject to change without notice. This analysis and any opinions expressed are intended for educational purposes only and should NOT BE interpreted as a call for engagement in any transaction involving the purchase or sale of any security or investment product or service. The risk of loss in investing and or trading can be substantial, and traders/investors should carefully consider the inherent risks of such an investment in light of their financial condition. The author, firm, associates, or the firm’s clients may have a position in any of the investments mentioned and their positions are subject to change without notice. Any reproduction or retransmission of any portion of this report without the express written consent of 50 Park Investments is strictly prohibited.
