Market Update: Steady Tape
Steady as she goes is a good way to explain the current action on Wall Street. I have to say it is rather impressive to see the market “not fall” in the recent spate of negative headlines. Ryan Detrick, who runs research at LPL tweeted today, “Over the past 5 trading days there has been talk of the worst trade war since the Great Depression and the head of the National Economic Council stepped down. Returns over these 5 days? S&P 500 up 0.5% Russell 2000 up 3.6% Why we continue to stress to follow the fundamentals.” You know what they say about the news, it’s not the news that matters, but how the market reacts to the news. In a weak tape, the market would be down a few thousand points on any one of those headlines. In a strong tape the market would be up. In a steady as she goes tape (no, that is not a technical term), the market is steady. Stepping back, on a weekly basis, the weekly action remains healthy and barring another round of heavy selling, higher prices will likely follow. Additionally, it is encouraging to see the semiconductor sector (ticker: SMH) breakout to new highs, ahead of the market. That, usually, is a bullish sign. Tomorrow morning we have the always fun jobs report and once again I want to see how the market reacts and where it closes tomorrow. As always, I will have a full report for you this weekend.
FLS Portfolio:
The model portfolio continues acting well. Here is a snapshot of thi writing, 2:07pm EST:
Positions:
The service owns:
ADBE +93.91%,CAT +41.02%, ISRG +36.70%,
RMD +25.12%, MELI +45.37%, TWTR +1.45%
The service will exit:
ADBE @ 179.23, CAT @ 142.77, ISRG @ 379.77,
RMD @ 87.57, MELI @ 319.77, TWTR @31.53
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 50 Park Investments is strictly prohibited.
