– 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.
6:30 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]L[/dropcap]ast week was another volatile week for stocks as the market sold off hard early in the week, then rallied Thursday and Friday.
QUOTE OF THE DAY:
“What you get by achieving your goals is not as important as what you become by achieving your goals.”
– Zig Ziglar
After a rather quiet close to September on Monday, stocks started off October with a drop that had the major averages losing more than -1% each during the Tuesday session as the ISM’s purchasing managers index slumped to 47.8 in September, down from 49.2 in August.
The selling only intensified on Wednesday, with additional losses of more than -1.5% for each index.
Then, at around 10 AM on Thursday the indices marked would become their week’s low as the ISM services index was released and it too, missed expectations. This had the major averages trading down to support offered by their respective 200-day lines, then trading sharply higher from there.
Thursday’s positive reversal set the stage for a continued rally on Friday despite September’s jobs report which was weaker-than-expected but showed the unemployment rate fell to a 50-year low. This helped calm fears of a recession and also provided enough evidence of a slowing economy to maintain market expectations for another Fed rate cut.
Also, Fed Chair Jerome Powell reiterated that the central bank is “examining strategies” to try to help it reach its goals.
The Nasdaq closed the week with a net advance. The S&P 500 and Dow were able to trim their losses considerably, yet both closed net lower for a third straight week. It was the worst start to a calendar quarter since 2008
The Dow Jones closed the whip-saw week at 26,574, with a weekly point loss of -247 or -0.92%.
The index did close with a net loss, yet managed to reclaim its 50-day line, although on notably lighter volume.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
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BREAKOUT UPDATE:
As was the case the previous week, there was only one breakout this past week. Both breakouts (AIV +1.4% and BEP +9.3%) are updated below.
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT DATE |
TRIGGER PRICE | MAX BUY PRICE | % FR TRIG PR |
| AIV | $53.32 | 9/19 | 10/3 | $52.59 | $55.22 | +1.39% |
| BEP | $41.59 | 9/19 | 9/23 | $38.04 | $39.94 | +9.33% |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
NOTE: 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.
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BuyingBreakOuts.com
“Morning High-Ranked Stock Watch List & Intra-Day BreakOut Alerts”
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WATCHLIST UPDATE:
Now matter the status of the market, we should always have a current watch list ready.
While reviewing over 250 charts this weekend, I added 2 new stocks to our watch lists.
There are now 13 stocks that we will be watching for a traditional break out to new highs.
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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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.