Market Update:
Once again, the bulls showed up and defended the 50 DMA line for the Dow Industrials and S&P 500 right after several other – important – areas broke below key areas of support this morning. Right after the open, we saw a lot of technical damage emerge. When you have a chance, take a look at the big breakdowns in: Apple Inc AAPL, The Philly Semicondutor index SMH, Tesla TSLA, Biotechs IBB, Transports IYT, more retailers (M, GPS, FOSL, KSS and DDS), some steel stocks (US Steel symbol: X) and NFLX (just to name a few).
Bullish Pixie Dust
Then, on cue, the bullish pixie dust showed up (I’m told 3 different Fed officials spoke today) and saved the day. The bulls defended the 50 DMA line for the Dow and S&P 500 but the action beneath the surface is not pretty. If the recent lows are breached, look out below. Conversely, if the bulls are able to gather some positive momentum that could bode well for the market. I’m watching the Gold (GLD and GDX), Steel (SLX), Energy XLE and XOP, Materials (XLB) and the Financials (XLF) – because of those levels crack, good night Irene. We will have a lot more for you this weekend.
FLS Portfolio
The service bought AMZN and FB this week and we want to see these stocks work before adding more risk. Less is more in this sloppy and volatile environment. As of this writing (3:36pm EST),
A. The service owns: AMZN +5.00% & FB -0.31%
B. The service will exit: AMZN @ 671.27 & FB @ 115.74
B. The service will exit: AMZN @ 671.27 & FB @ 115.74
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | BUY | SLX | 29.85 | 29.14 | -2.38% |
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.
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.
