Market Update:
Not much has changed since Tuesday’s intra-week update except the market went from being extended to the upside – to being very extended to the upside! On Tuesday we wrote, “The consensus is that the market will sell off hard after the speech. The consensus is usually wrong.” But, even I wasn’t expecting a 300 point ramp to the upside yesterday! Clearly, the market is in an exceptionally strong state and is entering the panic buying phase of a bull market. Typically, but not always, a climax run is a sign of a top. We aren’t there yet but with each leg higher that just strengths my logic. All we can say right now is that the market remains exceptionally strong and very, very, extended to the upside. We very much welcome a calm, light volume pullback into support. 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 very well. The service will add more risk after the next pullback. Here is a snap shot of the portfolio as of yesterday’s close:
The service owns: ICE +2.38%, ADBE +8.34%, BABA +6.27%, HACK +2.08%, EBAY +4.29%
The service will exit: ICE @ 56.57, ADBE @ 111.09, BABA @ 97.9, HACK @ 28.38, EBAY @ 32.86
Working Orders:
No new working orders today
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 Sarhan Capital is strictly prohibited.
