– James F. Taulman, former Editor-in-Chief of the first independently licensed website to offer stock reports and services based on the CAN SLIM® investment system.
6:30 AM – MORNING MARKET & WATCH LISTS UPDATE
EDITORIAL NOTE: This is an early edition of this report as James has some important personal business to attend to today.
There was a bit of a final hour sell off yesterday for the major averages, that could carry over to a weak open this morning.
Let’s keep in mind that so far, any weakness in this rally has been very short lived.
Fed chair Janet Yellen is set to give a speech at 1:00 PM ET in Chicago, Illinois, to discuss her outlook for the U.S. economy.
Fed vice chairman Stanley Fischer is also giving a speech on Friday about monetary policy in New York. It’s due to start at 12:30 PM.
We will continue not to predict and take things on a stock-by-stock basis. Generally speaking, stocks which break out with volume are BUYS, those that break down below our noted support areas are SELLS.
Speaking of BUYS…
We had MEI, break out yesterday on earnings from our TrendLine SetUps WatchList. Earnings and pre-earnings breakouts can be more rewarding, yet do carry more risk. So, caution was advised.
The company reported good numbers that showed a +40% increase in earnings and a +6% increase in sales over the same quarter last year. Annual earnings are expected to increase +9% in 2017 and +10% in 2018.
Shares of MEI were only somewhat volatile after the release as they opened sharply higher, then drifted lower throughout the session.
For those who took the risk and bought this breakout, there could still be some continued volatility today.
I ran my routine stock screens late last night, yet I did not add any new stocks to any of our watch lists.
At this point, we have 4 stocks on our Technical SetUps WatchList and another 3 on our TrendLine SetUps WatchList. There continues to be 0 stocks which meet the strict criteria for the High-Ranked Leaders WatchList.
Premium Members can view all of today’s watch lists and annotated charts here.
Of those 7 high-ranked set-ups, I will be watching TREX closely today to confirm a BUY signal.
This stock has been on the Technical SetUps WatchList since 2/16 and it became very volatile as the company announced earnings on 2/21. Shares did pull back yet remained above the lows of the base.
As I previously noted, I decided to keep this selection on its watch list based on that technical action, and along with the fact that the company did report decent numbers for Q1. Earnings increased +85% over the same quarter a year ago, and sales although did not increase as significantly, were still up +7%. Annual earnings estimates for this year at +10%, with a +13% increase expected for 2018.
The stock’s ranks remain solid, and any trading above the TRIGGER PRICE while shares are at least on pace to make the TRIGGER VOLUME would have this selection buyable up to the MAX BUY PRICE.
Current Premium Members can access the complete watch list with updated trading criteria including – TRIGGER PRICE, TRIGGER VOLUME, MAX BUY PRICE for every stock on our watch list here.
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About the Founder:
James F. Taulman – For more than 8 years James had served as Editor-in-Chief an independently licensed website that offered stock reports and services based on the CAN SLIM® investment system.
He has developed a knack for being able to quickly and accurately analyze high-ranked stocks based on this winning investment strategy.
Over the years, Mr. Taulman has enjoyed assisting individuals from professional money managers to private investors with their needs in relation to implementing this investment approach on a daily basis in the current marketplace.
Each Sunday you could hear him deliver his weekly market report as part of the “Your Money Matters” radio program on ABC and CBS radio networks.
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