– 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
[dropcap]A[/dropcap]fter making new all-time highs at the start of last week, the major averages pulled back to end the week net lower.
QUOTE OF THE DAY:
“The hardest thing about any political campaign is how to win without proving that you are unworthy of winning.”
– Adlai Stevenson
The Nasdaq and S&P 500 took the brunt of the losses with each index closing down more than -1%, and notching their biggest weekly loss since late May.
As fas as the Dow, it made a new intra-day high on Tuesday, then went on to close the week -178 points, or down –0.65%.
After a solid up week the previous week (+400), the blue-chips closed above 27K at 27,154
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
The previous Friday there was plenty of bullish action to point out, as we had solid weekly gains for each index, each closing that week strong at session highs and new highs. All three also marked a new milestone then as the Dow and S&P broke above their psychological levels of 27,000 and 3,000 respectively, while the Nasdaq broke out to new all-time highs.
This week is basically the opposite, albeit quieter, as all three of the major averages trended lower, and capped off the week on Friday with a negative reversal.
This week was the second down week of this ongoing June 2019 rally-run. The Distribution Day count is currently at 3 on the S&P 500, and 4 on the Nasadq. Volume remains lower, mid-Summer.
From here, it would be ideal to see some technical consolidation just after the break to new highs on the indices. That would help strengthen the previous highs as better support, plus also give the moving averages a chance to catch up.
However, this past week’s strong open and weak close may mark the start of an increase in volatility, especially with a busy week of earings coming up.
We will also have second-quarter GDP data to be released at the end of the week.
____________________________________________________
BREAKOUT UPDATE:
Last week we have had 3 breakouts from the Technical SetUps WatchList.
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE |
BREAK OUT DATE |
MAX BUY PRICE |
% GAIN/ LOSS |
| STRA | $185.84 | 7/2/19 | $187.05 | 7/18/19 | $196.40 | -0.65% |
| CNI | $91.65 | 6/30/19 | $95.18 | 7/16/19 | $99.94 | -3.71% |
| CYBR | $139.46 | 7/11/19 | $138.83 | 7/15/19 | $145.77 | +0.45% |
____________________________________________________
WATCHLIST UPDATE:
Regardless of market conditions, I continue to run stock screens on a daily basis searching for high-ranked leaders, with solid fundamentals that are building bullish technical bases. This morning, I added another new stock our watch lists.
There are now a total of 14 stocks on our watch lists.
You can now start receiving my Technical SetUps WatchList each market morning through the BuyingBreakOuts website for only $9 a month here.
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.
_________________________________________________
James’ Flagship Weekly Newsletter.
Now You Can Request a
Complimentary Copy of…
The Sunday Stock Report –
[dropcap]J[/dropcap]ames’ 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.
NOTE: On SUNDAY THERE WERE A TOTAL OF 10 STOCKS on the watch list in the current issue. As of Wednesday morning, there are now 6 stocks as 4 have already broken out this week.
REQUEST YOUR COMPLIMENTARY COPY HERE
_________________________________________________
_________________________________________________
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.