Richard-James– 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.


8:30 AM – MORNING MARKET UPDATE & WATCH LIST

NOTE: Today’s watch list can be found here.

Last week, the major averages rallied for four consecutive sessions, then each sold off sharply on Friday.


QUOTE OF THE DAY:

“I find that the harder I work, the more luck I seem to have.”
– Thomas Jefferson


The Dow Jones fell -0.9% that day as the index struggled to hold above its 50-day line while the Nasdaq closed back below its 200-day moving average and lost -1.7% on the session.

Chart courtesy of stockcharts.com

Chart courtesy of stockcharts.com

The S&P 500 lost -1.1% during Friday’s sell off, yet managed to hold above its important 200 DMA.

A look at the chart of the S&P 500 and we can see that the index failed this week at the previous highs, before Friday’s more definitive push-back of that resistance.

Chart courtesy of stockcharts.com

For the week, all three main benchmarks did, however, post gains. The Dow increased +2.8%, the S&P 500 ended with a net gain of +2.1%, while the Nasdaq eked out a +0.7% gain.

The Russell 2000 was down -2.4% during Friday’s session. Technicians would point out that the small cap index could see a so-called death cross manifest with a possible 50 DMA and 200 DMA convergence, should the current downtrend continue.

More importantly – on Wednesday, we had a Day 7 follow-through with the bullish action in the session confirming a – by the book – uptrend. We also had an increase mid-week in the number of stocks breaking out from our watch list, which was another good accompany sign. However, Friday’s negative broader-market action, dealt a serious blow to the recently confirmed uptrend.

There was also higher volume on Friday which shows that institutional investors were selling into the week’s rally. Heavy-volume selling that early into a newly confirmed uptrend is not a good sign.

Friday’s selloff has us starting next week’s trading in a somewhat defensive stance on Monday morning. We need to closely watch our still fledgling individual breakouts.

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Looking for a Like-Minded Professional Who Manages Money ?
   – James F. Taulman

One question that I am regularly asked is – “Can you recommend a professional who manages money using the same methodology which your services are based upon?”

Over the years, there has been just a handful of these professionals who have stood out from the rest, and who I would highly recommend to anyone who is looking for professional guidance.

One of them is Jack Elvestrom and here’s why… 

CONTINUED HERE

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This morning, U.S. stock futures are slightly lower.

I ran my full stock screens over the weekend, yet only found one new stock to add to our watch list for the week. Somewhat odd for the start of a new rally

We now have stocks which we will be watching for the next buyable breakout – see here.

One in particular is OLLI which was just added to our watch list yesterday.

This is another retailer building a base just off of new highs.

Chart courtesy of stockcharts.com.

Current Portfolio Members can access all watch lists with updated trading criteria including – TRIGGER PRICE, TRIGGER VOLUME, and MAX BUY PRICE for every stock here.

Missed any of these morning reports? You can find all previous reports here.

As always, if anyone has any questions – please feel free to email me at james@jamestaulman.com as I would be glad to assist you. _________________________________________________

About the Founder: Richard-JamesJames F. Taulman – James served as Editor-in-Chief of the first 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. _________________________________________________ Disclaimer: James Taulman is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The independent contractors and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company’s website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company’s products (collectively, the “Information”) are provided for informational and educational purposes only and should not be construed as investment advice.