Market Update:
Stepping back, while the headlines are negative the major indices are forming a nice 8-week handle. Earnings season is off to a weaker-than-expected start which is not the end of the world. The fact that the major indices have not broken down in the face of all the negative headlines out there – is impressive and leads me to believe that this is another healthy “pullback” within a longer-term uptrend.
A quick look at the daily chart of the major indices shows that a new early entry point (downtrend line) is forming and one “good” day can easily send the market higher. Conversely, the market is flirting with important support and if it decides to break down – then lower prices will follow. Keep in mind, until we see a “big” down day(s) this appears to be another pullback within a longer term uptrend.
We turned defensive a few weeks ago and have received quite a few thank you emails and calls. That’s our job and we are glad to help. Now, we are waiting for a nice “big” up day and then we will turn up the volume and do more buying. Until then, patience is king. 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 again in recent weeks as the major indices remain somewhat choppy. Here is a snap shot of the portfolio as of Wed’s close:
The service owns: ICE +4.15%, ADBE +17.22%, BABA +13.14%, SPY -1.34%
The service will exit: ICE @58.75, ADBE @ 119.57, BABA @ 103.36, SPY @ 231.47
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | HDGE | 9.09 | 8.91 | -1.98% |
| Open | Buy | GDXJ | 38.58 | 37.71 | -2.26% |
| Open | Buy | ABX | 20.37 | 19.11 | -6.19% |
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.
