Market Update:
The title of last Thursday’s update was: “Time To Bounce.” Clearly, we should have bought a 3x long ETF for the market. Today is an important day because all the major indices are back above their 50 day moving average lines. We have seen this before several times over the past few weeks: Dow jumps 200 one day, falls 200 the very next day. This time may be different because we are approaching a long weekend and this is the last week of the month. The market remains range-bound as the bulls and bears continue to battle each other for control. The good news is that it won’t take much for the market to breakout of its year long trading range – if it decides to rally from here. Additionally, it is somewhat bullish to see healthy sector rotation occurring beneath the surface. Gold and Steel stocks are getting hit over the past few weeks and the big money is just rotating into other areas such as semiconductors, financials, and now biotechs (a little). For now, that is healthy. If we breakdown all bullish bets are off the table. Welcome to late stage, range-bound market.
FLS Portfolio
The service bought SPY today and still owns AMZN. FLS will add more risk if conditions improve. As of this writing, (3:09pm EST),
A. The service owns: AMZN +2.85% and SPY +0.44%
B. The service will exit: AMZN @ 685.70 and SPY @ 201.07
B. The service will exit: AMZN @ 685.70 and SPY @ 201.07
Working Orders:
There are 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.
