Market Update:
The inability to bounce speaks volumes. The bulls were disappointed on Thursday after the bears showed up and sent stocks lower. Before the open, futures were higher after oil prices spiked nearly 5%. The Dow Jones Industrial Average and S&P 500 pulled right into their respective 50 DMA lines and were due to bounce. The inability to bounce speaks volumes to how weak the market is right now. Additionally, several key areas of the market are under pressure and not acting well. We have the always fun jobs report tomorrow. If the market sells off (enter any reason that shows up), we have to suspect lower prices will follow. The market looks very top heavy right now and just outright tired. Of course, we want to see where the market closes tomorrow and will have a full report for you this weekend.
FLS Portfolio
There are no open positions at this time.
The service sold HACK earlier today for a small loss.
Thankfully, our stops are in and we are out and comfortable. Remember, cash is a position! We want to preserve our mental (and physical) capital because the environment is very frustrating for both the bulls and the bears. Eventually, it will pass.
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | SLX | 30.77 | 29.14 | -5.30% |
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.
