– 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.
8:15 AM – MORNING MARKET UPDATE & WATCH LIST
NOTE: Today’s watch list can be found here.
Last week all three major indexes posted solid weekly gains as each built on rallies from previous noted, well-defined support.
For the week, the Dow rose +0.9%, while the Nasdaq gained+1.4%, and the S&P 500 added +1.2%.
QUOTE OF THE DAY:
“If you fell down yesterday, stand up today.“
– H. G. Wells
At current levels, the S&P is just -0.4% below its record close set in late August, while both the Dow and the Nasdaq are within -2% of their all-time highs.
The Dow booked its fourth positive week of the past five. The recent gains have taken it to the highest level since late January. This week the blue chips briefly tagged seven-month highs early Friday and went on to close well above the 26,ooo mark, ending the week at 26,155.
The Nasdaq posted its third positive week of the past four as the tech-laden index traded up from found support near its 50-day moving average and a near-coinciding upward trendline. (see chart)
Chart courtesy of stockcharts.com.
The S&P 500 gained actually less than a point on Friday, but that was enough for a fifth straight positive day, narrowly notching its longest win streak in about seven months. The S&P 500 ended its ninth positive week of the past 11.
Also of note, small caps were the strongest performers Friday as the Russell 2000 ended with a daily gain of +0.5% and up +0.5% on the week.
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Get his insights on the current market environment, any particular stocks, the services he currently offers, and even his latest profitable venture into trading crypto-currencies.
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The market rallied in large part on hopes for new U.S.-China trade talks as trade continues to be the biggest concern among investors. Late this past week, news broke that President Trump is expected to impose more tariffs of $200 billion on Chinese goods, and China is, of course, mulling a retaliation of its own.
This morning, U.S. stock futures were slightly higher.
European markets dropped in early trade. Major indexes in China shed more than -1%. Japanese markets were closed for a holiday.
FedEx (FDX) and Oracle (ORCL) will release earnings after the close.
I ran my routine stock screens over the weekend and added 2 new stocks to our watch list.
We now have 15 stocks which we will be watching for the next buyable breakout – see here.
One stock in particular is ICLR which is building a base near new highs and above support of its 50-day moving average. This clinical researcher is highly ranked and a leader in its group.
Chart courtesy of stockcharts.com – Click chart to enlarge.
Standard rules apply – 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 any of these set ups confirming a BUY signal up to their MAX BUY PRICE by default.
Keep in mind that when a stock breaks out – becomes 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. This is not saying – all lower volume breakouts will fail. Actually, we’ve seen many continue higher. If you have found that you did buy a stock that showed lower daily volume or volume under 50%, going forward – simply treat it a regular trade.
Earnings BreakOuts. 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 strength/weakness of the fundamental news that was just released along with the forward-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 email@example.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.