Market Update: Nasdaq Forming Head & Shoulders Top
In a normal world, the market is in the process of tracing out a near-term top. I made the case in this story on Forbes earlier today. – Read Here. I say “normal” because this market has been anything but normal. If the Nasdaq closes below the 50 DMA and the selling continues, then we have to expect a deeper pullback to unfold. Conversely, if the 50 DMA line holds, this will become a nice buying opportunity and we will buy the bounce in the weeks ahead. As always, we want to see where the market closes tomorrow and will have a full report for you this weekend.
FLS Portfolio:
https://chartyourtrade.com/wp-admin/edit-tags.php?taxonomy=post_tagThe FLS portfolio has done extremely well this year and we have earned the right to be patient as the market consolidates its very strong post-election rally. The service raised its stops in Tuesday’s pre-market update and the timing was great. ADBE and BABA are still solid performers. Since Tuesday’s update, the service sold: AAOI -4.35%, AMZN -1.46%, FB -1.73%, for small single digit losses. Here is a snap shot of the portfolio as of Thursday’s close.
The service owns:
ADBE +27.14%, BABA +43.83%, GLW +3.65%, COH +1.71%, CAT -1.44%
The service will exit: ADBE @ 131.17, BABA @ 133.07, GLW @ 29.30,COH @46.07, CAT @102.27
Working Orders:
There are no new working orders today. We are comfortable with our current exposure.
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.
