Market Update:
In Tuesday’s update we urged caution and said, “the market is topping out here” and highlighted important support for the market. Earlier today, the Dow and S&P 500 sliced below support but we are now seeing the bulls show up and “save the day,” once again. Today’s action suggests the market will try to bounce from here. The action is not pretty. Earlier today, the Dow and S&P 500 erased their gains for the year with the Nasdaq and Russell 2000 both in negative territory. We have to say, caution is king at this juncture because we can easily gap up 200 points tomorrow or wake up and gap down another 200 points. This chop-fest is hurting both the bulls and the bears and we are very thankful to have a lot of cash which allows us to preserve both our physical and mental capital. The market is still choppy and patience is king until a clean trend emerges.
FLS Portfolio
Earlier today, the service was stopped out of FB for a very small 3.66% loss. As of this writing, (3:16pm EST),
A. The service owns: AMZN +1.65%
B. The service will exit: AMZN @ 685.70
B. The service will exit: AMZN @ 685.70
Working Orders:
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 intende 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.
