– 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.


6:00 AM – MORNING MARKET UPDATE & WATCH LIST

SEE ALL MY CURRENT WATCH LISTS HERE: James’ Stock WatchLists

It’s been a rather tame couple of weeks for the major averages as trading volumes cool and price ranges remain tighter.


QUOTE OF THE DAY:

“I surround myself with good people who make me feel great and give me positive energy.”
– Ali Krieger


After closing slightly lower the previous week, the Dow Jones gained +147 points this week, up +0.56% to close at 26,559.

The index has closed up three out of the four past weeks and is 392 points below its all-time high.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The Nasdaq Composite gained +14 points on the week, or +0.17%.

It did trade above 8,000 intra-day on Wednesday, before closing the week 2 points below at 7,998 on Thursday.

A definitive break above 8,000 would be only somewhat significant, as a clearing of the old highs at 8133 is the bigger challenge which the index faces.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The S&P 500 index lost just -2.4 points or –0.08% this past week.

That was, however, enough to put an end to a 3-week win streak.

The bellwether closed at 2,905, just 35 points shy of its all-time high of 2,940 (red line) set late Sept 2018.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

We had just 1 breakout from the week’s watch list on Tuesday in PCTY which struggled, then closed the week with a loss of –2.88%(see below)

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Paylocity Holding Corp. (PCTY – Nasdaq)

This Software-Enterprise leader broke out on Tuesday as it cleared our posted TRIGGER PRICE of $91.71.

The volume on the breakout was well above +100%, or more than twice the normal rate.

SYM LAST ADDED
TO
WATCH LIST
BREAK
OUT
PRICE
BREAK
OUT
DATE
MAX
BUY
PRICE
PCTY $89.07 4/14/19 $91.71 4/16/19 $96.30

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

1st
SUPPORT
2nd
SUPPORT
MAX STOP LOSS
GUIDE
CURRENT % GAIN
/LOSS
(50 DMA)
$86.16
N/A $85.16 -2.88%

Although those were the characteristics of a strong breakout, shares did close the breakout day well off of the highs and actually back below the TRIGGER PRICE.

That is never a good sign.

Wednesday morning, PCTY opened with a gap up and that started to negate Tuesday’s near-negative reversal. However, shares did also close that session well off of the day highs.

On Thursday, the stock fell below our previously posted 1st SUPPORT of the round-$90 on as volume was slightly above average.

Although there is some support at the round-$80, I am going to note our 2nd SUPPORT as N/A . The $80 price is too far below our MAX STOP LOSS GUIDE of $85.16.

Our 2nd SUPPORT is at the rising 50-day moving average, currently at $85.79.

Any definitive trading below there (50 DMA) would be a clear SELL signal.

I ran my routine stock screens over the weekend and added 2 new stocks to add to our watch lists.

There are now a total of 17 stocks on our watch lists. – see here.

SEE ALL MY CURRENT WATCH LISTS HERE:  James’ Stock WatchLists

Current Personal 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: James 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.