FLS Update: Classic Top – Wild See-Saw Action After A Big Move 05/17/2016

Facebook
Twitter
LinkedIn
Housekeeping: Top Stories on Both Forbes and CNBC Today:
 
 
Market Update:
Remove the Fed – and there is NO QUESTION in my mind the market is topping out here. We have gone no where for over a year, this has occurred after a 7 year bull market (last few bull markets ended after turning 5), leadership remains virtually non-existent, and we are now seeing sloppy wide and loose action showing up -after a big move. To be clear, this is Textbok/a classic top being put in. The only major bullish wildcard remains the Fed and all the easy money from other central banks. For our money, price action is king and everything else takes a back seat. Near term, Watch 2039 (May’s low) in the S&P 500. If that level breaks, we will likely head (a lot) lower.  Until then, caution is king and less is more. The one thing we do know for sure is that eventually the market will begin trending well again (up or down) and once it does we will be all over it with two fists. In the interim, we are preserving both our mental and physical capital.
 

FLS Portfolio
The service bought AMZN and FB last week and the action is not thrilling. We raised our stops over the weekend and as of this writing (3:30pm EST),

 
A. The service owns: AMZN +1.85% & FB -2.93%
B. The service will exit: AMZN @ 685.70 & FB @ 116.47 
 
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.

 

11 Forbes - Top Story.jpg11 Forbes Investing Section.jpg11 SPX Sitting on Support.jpg

Facebook
Twitter
LinkedIn

Here are more articles you may like

Claim Your Free Guide Today

Give us your email and we will give you the tools to change your life. 

FREE 7 DAY EMAIL COURSE

Learn about Early Entry Points & much more...