Market Update:
The bulls showed up and defended the 50 DMA line for the S&P 500 and several important areas of the market. Until the S&P 500 and Dow Jones Industrial Average break below their respective 50 DMA lines, the buy the dip crowd remains in control. Going forward, we want to see more stocks breakout and work. If not, this sloppy sideways action could easily continue. We rally up a little, then sell off, then rally up again, etc..etc.. For now, the bulls are back in control and they need to stay in control to send this market out of its very long (sideways) trading range. If we do breakout of range, we will have a ton of great opportunities ahead of us.
FLS Portfolio
The service bought AMZN yesterday and we are raising our exit to 671.27. As of this writing (3:31pm EST),
A. The service owns: AMZN +2.31%
B. The service will exit: AMZN @ 671.27
B. The service will exit: AMZN @ 671.27
Working Orders:
| Status | Order | Ticker | Buy Stop | Protective Sell Stop | Risk From Entry |
| Open | Buy | SLX | 29.85 | 29.14 | -2.38% |
| Open | Buy | FB | 120.89 | 115.74 | -4.26% |
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Clearly a big day as bulls showed up and defended 50 DMA line across the board.
If you are looking to buy— here are at least 10 buyable ideas that jump out:
- DIA or SPY here and exit below 50 DMA
- MNST- moving out of flag
- AMZN – moving out
- MTCH- moving out of little flag
- Gold Stocks off 21 DMA- NEM/ABX, etc — close stop below this week’s low
- Energy Stocks off 50 DMA — HES is my fav name
- WATCH STEEL – if it bounces off 50 DMA — SLX
- Can buy FB with close exit at/below 115.74
- Car Companies: F and GM off 50 DMA -exit below recent lows
- Big Banks/Financials off 50 DMA line: JPM, GS, MS, BLK (didn’t touch but strong), C, etc here with close exit below 50 DMA
Also HUGE move in Soybeans today — ETF $SOYB
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.
