Market Update:
The oversold bounce continues (for now) as stocks staged a huge positive reversal on Wednesday and the Dow Industrials (DJIA) & SP500 (SPX) jumped above important areas of resistance (Feb’s high and their 50 DMA lines) on Thursday. For the month, the DJIA and the SPX are both positive which is also bullish. Right now, we are only three weeks into this bear market rally so there could be more time and price before this rally peters out. As mentioned in our Tuesday update, “We are approaching the last week of the month and we would not be surprised to see the market try to rally over the next few days. Remember, most bear market rallies tend to last 4-10 weeks, this is only the second week.” We want to see how the market reacts to GDP tomorrow and where it closes. As always, we will have a full report for you this weekend.
FLS Portfolio
The service moved the stop up to break-even and we are happy with the current exposure.
A. The service owns: QQQ +4.01%
B. The service will exit: QQQ @ 98.74
B. The service will exit: QQQ @ 98.74
Working Orders:
There are no new working orders today
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 Sarhan Capital is strictly prohibited.
