Market Update: Stocks Are Strong
Well, that pullback didn’t last long. The market is not done pulling back but if we hit new highs again (within the next week or two) this will be the textbook example of how bull markets behave. Remember, we are entering end of month and end of quarter so there is a strong upward bias as big fund managers get paid based on their quarterly performance. So far, the bulls showed up and are defending the 50 DMA line for the Nasdaq, Nasdaq 100, and a slew of big cap tech stocks. As long as that levels, the bulls remain in clear control. Volume patterns are not ideal but price is primary and everything else, including volume, is secondary.
FLS Portfolio:
The FLS portfolio continues acting well. DBE and BABA are solid performers. The service sold FB yesterday for a small -4.81% decline. Here is a snap shot of the portfolio as of Tuesday’s close:
The service owns: ADBE +25.20%, BABA +39.53%, GLW +0.34%, COH +0.15%
The service will exit: ADBE @ 130.67, BABA @ 113.97, GLW @ 27.64 COH @44.43,
Working Orders:
We are comfortable with our current exposure. Therefore, there are no new open 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.
