– 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]L[/dropcap]ast week was another volatile week on Wall Street, and this week looks to be starting with the same.
QUOTE OF THE DAY:
“Correction does much, but encouragement does more.”
– Johann Wolfgang von Goethe
For most of last week, bond yields continued to fall while recession concerns lingered. Then, late in the week, a Chinese request for “calm” in the trade war helped the Dow and the S&P to post their best weekly gains since early June. And for the Nasdaq, it became its best week in the past 10 weeks.
For the month, however, the Dow lost -1.7%. The S&P 500 and the Composite closed August off -0.1% and -0.5%, respectively.
After falling more than -600 points during the previous week, the Dow gained +775 points or a solid +3% this week. The index closed at a new high (26,403) since falling below its 50-day moving average at the start of August.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
With the market volatility, the Nasdaq and the S&P 500 both added a distribution day this past week. There are now 4distribution days on Nasdaq, and 3 on S&P. The current uptrend is still officially “under pressure”.
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STOCKS AT SUPPORT UPDATE:
This list of stocks below was first included in the previous week’s Sunday Stock Report, with the note – “For any traders looking to play a potential market bounce, below is a list of 10 stocks which closed Friday at/near support and looked poised to move higher, especially with any market cooperation. Any gains in the following, especially with an increase in volume would be buyable.”
| SYM | LAST | ADDED TO WATCH LIST | POSTED PRICE |
% CHG |
| ALLY | $31.35 | 8/25/19 | $30.10 | +4.15% |
| BSX | $42.73 | 8/25/19 | $41.17 | +3.79% |
| BZUN | $45.76 | 8/25/19 | $40.40 | +13.27% |
| COO | $309.75 | 8/25/19 | $321.67 | -3.71% |
| EME | $87.44 | 8/26/19 | $80.78 | +8.24% |
| IIPR | $89.16 | 8/27/19 | $101.50 | -12.16% |
| MLNX | $107.05 | 8/28/19 | $106.48 | +0.54% |
| MMC | $99.89 | 8/29/19 | $95.66 | +4.42% |
| SIGI | $79.63 | 8/30/19 | $77.87 | +2.26% |
| XLNX | $104.06 | 8/31/19 | $100.97 | +3.06% |
*% CHG is as of price when published.
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WATCHLIST UPDATE:
Regardless of any market status, I still run stock screens on a daily basis to always have a current watch list ready. This weekend, while reviewing well over 200 charts, I found 8 new stocks to add to our watch lists.
There are now 20 stocks that we will be watching for a traditional break out to new highs this coming week.
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.
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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
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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.