The Best Two Words To Describe The Stock Market….

FindLeadingStocks.com provides a weekly report, special reports and at least 2 intra-week updates.
The following is Thursday’s intra-week update:

“Melt Up” Are The Best Two Words To Describe This Market 

FLS Update: 8.21.14

Bulls Regain Control 

After a very short 2.5 week pullback, the bulls showed up and regained control of the market. The pullback has now ended since the S&P 500 (SPX) and the Nasdaq composite have both hit new highs. The Dow Jones Industrial Average & the Russell 2000 are trading just below their record highs. The fact that this was just another healthy and shallow (in size and scope) pullback illustrates how strong the bulls are right now. At its deepest, the SPX only fell -4.3% (size) and only lasted ~2.5 weeks (scope). In the short term, the market is a little extended to the upside and a light volume pullback would be very welcomed up here.

Careful Chasing AFTER A Big Move… 

Call it trader’s intuition or a 6th sense- but the market feels a little top heavy up here and due for a little pullback. Additionally, we a receiving quite a few emails asking about buying up new stocks up here- after the move. A little note of caution, careful buying up here after the SPX has rallied almost 5% in under 3 weeks. Remember, in the old (non-QE) days, a 10% gain for the entire year was considered healthy. So a 5% gain in 2.5 weeks is a big move and the market has earned the right to pullback a bit to catch its breath… We will be watching to see how the market reacts to Yellen’s comments from Jackson Hole and where it closes tomorrow. Then we will have a full report for you this weekend.

FLS Portfolio:

Thankfully, the FLS portfolio is doing rather well. As of this writing (2:42 pm EST),

Positions:

A. The service owns:  AAPL +24.15%, XLV +7.37%, 
FB +21.35%, NFLX +4.59%, SPY +1.60% & 
UA -1.23%


B. The service will exit: AAPL @ 92.47, XLV @ 59.43,

FB@ 71.18, NFLX @ 433.77, SPY @ 192.77, UA @ 66.18
(Orders have not changed)

There are no new working orders today.

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S&P 500: Breaking Out Of A Bullish Base-on-Base Pattern

SPX- Base-on-Base

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