– 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 three week’s of straight gains, all three of the major averages booked a loss this past week with the Dow falling just below 27,000 and the S&P 500 slipping slightly below 3000.
QUOTE OF THE DAY:
“I belong to no organized party. I am a Democrat.”
– Will Rogers
Chinese-American trade tensions took a backseat for the most past as other geopolitical issues rose such as the Saudi oil attack. There was also the Fed’s rate decision which was clearly the most important event of the week.
All three of the indices did hold above their 50-day lines. A close below there would have been a bearish sign.
The Dow Jones Industrials took the brunt of the week’s losses. The index dropped –284 points or +1.05% this past week. The blue-chips closed Friday at 26,935, a little more than a percentage point above their 50-day moving average of 26,619.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
As I stated last week, the obvious event to watch for this week was to see if the major averages will punch through to new highs. That did not become the case, and instead, all we got was sideways to negative action for the indexes.
From a technical perspective, all three of the major averages are just above support of their respective 50-day moving averages, and it would be healthy to have some continued orderly consolidation here. It would be key to see the indices hold above those noted areas of support.
This week is slated to be a busy week for key economic releases. First, we’ll have the Markit Manufacturing and Services PMIs on Monday, along with Eurozone PMIs. Then on Tuesday, investors will see the Consumer Confidence number before the final GDP on Thursday. Friday, there’s the Core PCE Price Index, personal spending, and the durable goods report to look forward to.
____________________________________________________
BREAK OUT UPDATE:
BREAKOUT UPDATE:
This past week, we had 2 high-ranked stocks break out from our morning watch lists.
Some of these recent breakouts remain in a buyable range.
For those who bought the initial breakout, SUPPORT LEVELS AND CHARTS have been updated below.
Installed Building Products Inc. (NYSE – IBP)
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE |
BREAK OUT DATE |
| IBP | $59.34 | 9/12/19 | $60.09 | 9/18/19 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE | 1st SUPPORT | 2nd SUPPORT | MAX STOP LOSS GUIDE | % GAIN/ LOSS |
| $63.09 | $59.50 | 50 DMA | $55.28 | -1.25% |
L3Harris Technologies Inc (NYSE – LHX)
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE | BREAK OUT DATE |
| LHX | $211.98 | 9/17/19 | $215.46 | 9/17/19 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE | 1st SUPPORT | 2nd SUPPORT | MAX STOP LOSS GUIDE | % GAIN/ LOSS |
| $226.23 | 50 DMA | $200.00 | $198.22 | -1.62% |
NOTE: Both these stocks were on my Technical SetUps WatchList. You can now start receiving my Technical SetUps WatchList each market morning through the BuyingBreakOuts website for only $9 a month here.
____________________________________________________
BuyingBreakOuts.com
“Morning High-Ranked Stock Watch List & Intra-Day BreakOut Alerts”
Start Receiving Our Free BreakOut Alerts
____________________________________________________
WATCHLIST UPDATE:
While reviewing well over 250 charts this weekend, I added 0 new stocks to our watch lists.
There are now 11 stocks that we will be watching for a traditional break out to new highs this coming week.
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.
_________________________________________________
_________________________________________________
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.