Market Update: One More Push Higher
The market needs one more “push” higher to help the major indices all breakout and go topside. The big money continues to flow into tech stocks evidenced by the strong out-performance in the Nasdaq Composite, Nasdaq 100 and the Semiconductor index (SMH). The bulls really want to see the Dow Industrials, Dow Transports, S&P 500, & Russell 2000 all break above 2018’s high and race higher.
Important Levels To Watch:
The Nasdaq Comp, Nasdaq 100 and the SOX (semiconductor index) all broke out to new highs and are trading above near term resistance. So resistance is simply not an issue for those indices right now. Meanwhile, the S&P 500, Dow Jones Industrial Average, Dow Transports and the small-cap Russell 2000 are trading below their 2018 highs which means that is the next important area of resistance to watch for those indices. Conversely, Feb’s low remains important near term support for the entire market.
FLS Portfolio:
The service bought FB yesterday and right now we are comfortable with our current exposure. Here is a snapshot of Monday’s close:
Positions:
The service owns:
ADBE +98.88%,CAT +44.15%, ISRG +39.23%,
RMD +28.11%, MELI +49.35%, TWTR +2.96%, FB -0.54
The service will exit:
ADBE @ 179.23, CAT @ 142.77, ISRG @ 379.77,
RMD @ 87.57, MELI @ 319.77, TWTR @ 31.53, FB @ 177.77
Working Orders:
| Order | Symbol | Buy Stop | Sell Stop | % Change |
| Open | BABA | 195.25 | 182.97 | -6.29% |
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.
