– 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
[dropcap]A[/dropcap]fter a momentous week the previous week – with the Dow’s +1000 point gain and the Nasdaq confirming a new rally – the market ground higher this past week.
QUOTE OF THE DAY:
“Each day, I come in with a positive attitude, trying to get better.”
-Stefon Diggs
Although there was a good deal of bad news this past week, the Dow Jones and the S&P 500 did hold above their 50-day moving average lines as general volatility declined substantially following the previous week’s sharp gains.
From a technical perspective, the major indices did finish slightly higher, however, the momentum of the rally clearly weakened and fresh breakouts in individual stocks struggled to make gains.
So far for the month of June, stocks have mostly drifted higher in turbulent trading.
At this point, the current rally does remain intact and breakouts are buyable.
With that being said, there are two big issues which will be driving the markets at least through the end of the month.
First, there is the FOMC meeting on this coming Tuesday and Wednesday to discuss the latest monetary policy after May’s market selloff. Investors will be watching closely for signs that their hopes for a Federal Reserve interest-rate cut at the July meeting will be met.
The market is pricing in an 80% chance of a quarter-point reduction in July and stocks are primed for a selloff should the Fed fail to continue its dovish tilt.
Later this month in Japan, we have the G-20 meeting on June 28th and 29th where we could see Trump and Xi Jinping talk next about trade.
A dovish tone from the Fed or progress in the trade negotiations could help put some life into this fledgling rally.
This morning, global stocks are starting off the week on a positive note.
In Asia, Hong Kong’s Hang Seng climbed +0.4% and the Shanghai Composite gained +0.2%. Japan’s Nikkei was flat. In Europe, Britain’s FTSE 100 jumped +0.2% in early trading, while France’s CAC 40 inched up +0.1%.
Here at home, stock futures point higher after scraping out a weekly gain on Friday. The Dow is set to increase roughly +30 points, or +0.1%. The S&P 500 and Nasdaq are tracking +0.2% and +0.3% higher, respectively.
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BREAKOUT UPDATE:
The Latest BreakOut From the Techincal SetUps WatchList
HCP, Inc. (NYSE – HCP)
This stock just broke out Friday from our Technical SetUps WatchList which was included in last week’s Sunday Stock Report.
Shares traded above the stock’s TRIGGER PRICE of $32.33 just before 10 AM, yet quickly fell back below there.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
NOTE: You can now start receiving James’ Technical SetUps WatchList each market morning through his BuyBreakOuts website for only $9 a month here.
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WATCHLIST UPDATE:
I continue to run stock screens on a daily basis searching for high-ranked leaders, with solid fundamentals that are building bullish technical bases. While looking through over 293 charts over the weekend, I added 6 new stocks to our weekly watch list.
There are now a total of 16 stocks on our watch lists.
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.
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JUST PUBLISHED: Now You Can Request a Complimentary Copy of James’ Flagship Weekly Newsletter…
The Sunday Stock Report
James’ long-running weekly newsletter is completely focused on only highly-ranked stocks which match up very favorably with the proven and winning guidelines.
It features only about 6 – 12 stocks on average in a weekly watch list.
We’ve found that this watch list is ideal for short-term 0r intermediate-term traders, as well as longer-term investors.
Each stock has both strong fundamentals for potential longer-term growth and the solid technical characteristics which may be more appealing to shorter-term traders who like to buy breakouts and sell a few days later with good profits.
REQUEST YOUR COMPLIMENTARY COPY HERE
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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.
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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.