Market Update: Great Mini Rotation Continues
In Tuesday’s pre-market update, I mentioned the great mini rotation that has been happening over the past few weeks: Nasdaq stocks were selling off and under performing areas were rallying. Since then, Nasdaq stocks bounced nicely and the under-performing areas continued to rally. Stepping back this is very bullish action and the fact that the market refuses to fall (even with all the negative headlines we are seeing) clearly suggests the bulls are in control. GDP will be released at 8:30 am EST today (estimate +3.1%), then a few more Fed officials will be speaking. Until I see any meaningful selling, the market deserves the bullish benefit of the doubt. Additionally, the S&P 500 is setting up a very bullish (3-weeks tight) pattern on a weekly chart and looks like it wants to move higher. As always, I want to see where the market closes tomorrow and I will have a full report for you this weekend.
FLS Portfolio:
The FLS portfolio is pulling back as leading stocks remain under pressure. The service moved the protective stops higher in recent weeks and has managed to navigate this pullback gracefully. Here is a snapshot of the portfolio as of Wednesday’s close:
Portfolio Update:
The service owns: ADBE +31.81%, BABA +74.66%, CAT +16.18%, ISRG +8.27%, NFLX +5.46%, NVDA +4.09%
The service will exit: ADBE @ 138.17, BABA @ 147.47, CAT @ 107.18, ISRG @945.85, NFLX @165.62, NVDA @167.38
Working Orders:
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.
