Housekeeping:
Due To The Shortened Holiday Week, This Will Be The Only Intra-Week Update
Market Update:
The major indices remain strong as they continue to remain perched just below record highs. Under the surface we are seeing what I call, the “great mini rotation” which refers to big money rotating from one sector to another (while the major indices move sideways). The fact that the market refuses to fall is bullish and the market is just looking for the next catalyst to send it higher from here. The one (big) point I want to focus on is that nearly “everyone” on the Street is bullish right now. Remember this time last year, everyone was bearish – and 2016 ended up being a good year on Wall Street. So, I’m concerned now that we are at record highs and the “bullish” trade is becoming crowded. That doesn’t mean we can’t go higher from here, we EASILY CAN. I’m just keeping that in mind IF we start seeing sellers emerge. As always, I want to see where the market closes on Friday and will have a full report for you this weekend.
FLS Portfolio:
Thankfully, the FLS portfolio is acting very well. The service sold XLF yesterday for a very small 2.59% loss. Here is a snapshot of the portfolio as of today’s close,
- The service owns:RS -1.29%, ICE -0.43%, IYT -0.36%
B. The service will exit: RS @79.47, ICE @55.7, IYT @ 159.33
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | BUY | HACK | 28.23 | 27.27 | -3.40% |
| Open | BUY | NVDA | 109.21 | 101.52 | -7.04% |
| Open | BUY | BABA | 97.9 | 92.37 | -5.65% |
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.
