• Market Insight

FLS Update: Stocks Breakout – Can It Hold… 06/07/2016

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11 SPX----
 
Market Update:
 
To be clear, stocks are strong and the market definitely deserves the bullish benefit of the doubt until we see any serious selling emerge. The S&P 500 and DJIA broke out yesterday (above near term resistance) and the key now is to see if the breakout holds or if it rolls over and frustrates the bulls. Remember, the exact opposite happened  (attached) on May 19 and the break down was immediately negated and stocks took off. This time the breakout is “holding for now” but can easily be negated. 2111 is the level to watch in the S&P 500 and it closed just above there today (not a mistake). In the short term, the market is a little stretched and a nice healthy (quiet) pullback would be great at this juncture. 
 
 

FLS Portfolio
The service bought LEN today and has been slowly added risk over the past few weeks as the market action improved. 

 
A. The service owns: AMZN +5.58%, SPY +2.23%, & EA +0.12%, LEN +1.16%
B. The service will exit: AMZN @ 685.70, SPY @ 207.07, EA @ 74.17, LEN 44.77 
 
Working Orders:
 
Status Order Ticker Buy Stop Protective Sell Stop Risk From Entry
Open Buy GG 18.87 17.67 -6.36%
 
 
 

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.

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Adam Sarhan

Host Of The #SmartMoneyCircle Podcast, Founder and CEO of 50 Park Investments. Adam provides weekly market updates to ChartYourTrade.com readers. He is a FORBES Contributor and is a frequent guest on all the major financial media outlets.

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