Market Update:
The tape remains split as the Nasdaq 100 type stocks are leading while the Dow & S&P 500 are lagging (still trading below their respective 50 DMA lines). In the short term, the action is getting “better” but was my good friend GaryK says, “Don’t Blink.” The market is at the mercy of the global Central Banks. The Bank of Japan is expected to “do more” and fire another easy money bazooka and the Federal Reserve is expected to hold rates steady tomorrow. If either central bank “disappoints” investors in a big way, we could easily see the market fall – HARD. Conversely, if the central banks come through and support markets, we could easily rally again. We like to add risk when the odds of success are in our favor, not when it is a coin-toss. There are a lot of good setups and we are more than happy to begin adding risk, when the odds of success are in our favor again.
FLS Portfolio:
The FLS portfolio added MELI yesterday and as of this writing (3:26pm EST),
A. The service owns: SMH +13.86%, MELI -0.28%
B. The service will exit: SMH @ 62.96, MELI @ 171.54
Working Orders:
There are no new 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.
