FLS Pre-Market Update: Weak Action… 06/28/2018

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Market Update: Support Not Holding

The title of Tuesday’s update was: “Support Must Hold.” As of Wednesday’s close, it didn’t. The market opened higher yesterday but closed lower which is not a healthy sign. But what concerns me about yesterday’s action is not only did it open higher and close lower—the major indices closed below important support. That is not a healthy sign. Especially, after the White House softened its stance on the whole China can’t invest in US tech companies dialogue (that was the catalyst which sent stocks lower earlier in the week). Typically, it’s not a good sign to see almost all the major indices fall below support on “news” that should be positive. For the last few reports I’ve expressed caution and a defensive stance. Thankfully, that has been the right call. For now, defense is king until we see a bullish/positive reversal. If we don’t see one soon, I wouldn’t be surprised to see the market retest February’s low. As always, I want to see where the market closes tomorrow and will have a full report for you this weekend.


FLS Portfolio
:

The FLS portfolio continues acting well and sold SFLY for break-even yesterday. To protect our positions, all stops were recently raised and that was a good decision. Here is a snapshot as of Wednesday’s close:

Positions:

  1.   The service owns:  

ADBE +113.95%, ISRG +51.10%,

QQQ +3.05%, NFLX +21.58%, SQ +19.94% 

 

  1. The service will exit: 

ADBE @ 207.12, ISRG @ 393.47,

QQQ @164.71, NFLX @ 344.17, SQ @ 53.56


Working Order
There are no new 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.

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