– 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.
9:00 AM – MORNING MARKET UPDATE & WATCH LIST
NOTE: Today’s watch list can be found here.
Last week the major averages put in a mixed weekly performance as the S&P 500 closed at 2,734.62 and booked a +0.5% weekly gain. The Nasdaq ended the week +1.6% higher, closing at 7,554.33. However, the Dow Jones ended with a net weekly loss of -0.48% to 24,635.
QUOTE OF THE DAY:
“You can’t be afraid to fail. It’s the only way you succeed – you’re not gonna succeed all the time, and I know that.”
– LeBron James
The Nasdaq composite led the trio again, thanks to outperforming software, semiconductor and internet stocks. As I noted in a morning market update on Thursday – the Nasdaq broke out of a near three-week consolidation. The index is now about 1% away from its intra-day high set on March 13th.
The Dow has remained above its 50-day moving average since clearing this important technical level on May 9th, except for a close just slightly below there on this past Tuesday.
The S&P 500 continues to be range bound – between its January 26th high of 2,873 and its February 9th low of 2,533 – for almost four months.
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This morning, European markets posted gains, continuing the trend set in Asia.
We now have a total of 15 stocks which we will be watching for a buyable breakout here.
One stock in particular is PVH, which has continued to hold its 50-day moving average as is just off of new highs.
Chart courtesy of stockcharts.com – Click chart to enlarge.
No one has to wait for me to issue any type of alert. Any gains above the stock’s TRIGGER PRICE while the day’s volume is at least on pace to make the TRIGGER VOLUME would have this set up confirming a BUY signal up to the MAX BUY PRICE by default.
Keep in mind that when a stock breaks out (become potentially buyable) – there are other factors to consider.
- Volume on the breakout. A stock that is breaking out through resistance, with an increase in volume of +50% above the stock’s average volume (50 DAV), is showing more conviction and more demand.
- Earnings. Many stocks from our watch list will break out during earnings season. Earnings breakouts can be more rewarding, however, these trades carry much more risk then traditional (non-news) breakouts. One needs to also consider – the strenght/weakness of the fundamental news that was just released along with the foward-looking guidance the company gave, investors response to the conference call, etc. For anyone who is not familiar with – buying earnings breakouts – I suggest that they sit through a few seasons to study, paper trade, and show some profits – before applying actual capital.
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 firstname.lastname@example.org 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.