Market Update:
The tale of two tapes returns to Wall Street as the Nasdaq Composite, Nasdaq 100, and other semiconductors-type stocks continue to woefully outperform while the Dow, S&P 500 and Russell 2000 type stocks are lagging. Just to be clear, this market is not “normal” by any measure and the action is extremely erratic (to put it nicely). We think last Friday’s sell-off is now behind us and most likely we head higher from here (unless of course the Fed decides to raise rates next week). Then again, this is an aging bull market and the volatility we saw over the past week could just as easily lead us to gap down 200 points tomorrow. We would not be surprised if either event unfolds. If we have a strong close tomorrow that will bode well for the weekly chart and we will be much more inclined to add risk.
FLS Portfolio:
Here is a snapshot of the FLS portfolio as of this writing, 3:37pm EST,
A. The service owns: SMH +13.81%, XLF +0.76%
B. The service will exit: SMH @ 62.96, XLF @ 23.65
Working Orders:
There are no new 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.
