– 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.
8:00 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]T[/dropcap]his past week, was yet another bullish week in the market with the major averages posting their respective milestones.
QUOTE OF THE DAY:
“Paying attention to simple little things that most men neglect makes a few men rich.”
– Henry Ford
For a majority of the week, it was tame trading with the major averages remaining near all-time highs and trading in a somewhat tight range. Then, on Friday we opened with a significant gap up which lead to each index making historic moves.
Friday was clearly a bullish session with hope for progress in U.S.-China trade negotiations, as violence ramped up in Hong Kong. Each index closed the day at their session high with the Dow Jones above 28K, the Nasdaq over 8500, and the S&P 500 clearing its 3100 level.
Although there may not be much significant about the indices eclipsing a round-number level, some market experts say such achievements can spark bullish enthusiasm among stock-market investors.
For the week, the Dow added another +324 points (+1.17%) with a fourth straight week of triple-digit gains. The index ended at 28,004 — its first thousand-point milestone clearance in 90 trading days.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
This morning, U.S. stock futures point higher to kick off the week. Markets in Europe opened mixed, while stocks in Asia mostly eked out gains.
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BREAKOUT ALERT UPDATE:
Kilroy Realty Corp (NYSE – KRC)
Kilroy Realty Corporation (KRC), a publicly-traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast’s premier landlords.
Since mid-summer shares of KRC had been building a flat base near new highs.
This stock was added to our watch list and premiered in our Stock WatchList: Morning Update on Monday, Oct., 14th at 8AM.
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE |
BREAK OUT DATE |
| KRC | $82.85 | 10/13 | $80.76 | 10/24 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
CURRENT % GAIN/LOSS |
| $84.80 | $82.00 | 50 DMA | $74.30 | +2.59% |
Several sessions later, the stock broke out above its TRIGGER PRICE of $80.76 as the company announced its quarterly earnings.
Shares traded consecutive higher for the next several sessions (with volume conviction), continually posting new all-time highs, making quick gains of nearly +5%.
Early in November, the stock started to pull back while daily volume totals cooled.
This past Thursday’s gains of +0.7% with a +80% increase in volume were somewhat encouraging, however, the negative reversal the next day as the market soared to new highs is a concern.
Shares need to definitively break out of the current short-term downtrend, illustrated with the blue lines on the chart above.
On the downside, a break below the recent low near $82.00 (bright green line) would be an increased concern.
NOTE: This stock was first featured in my “Stock WatchList: Morning Update” before they broke out. You can now start receiving my “Stock WatchList: Morning Update” each market morning through the BuyingBreakOuts website for only $9 a month or just $97 for an entire year here.
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BuyingBreakOuts.com
“Morning High-Ranked Stock Watch List & Intra-Day BreakOut Alerts”
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WATCHLIST UPDATE:
No matter the market, I always have a current watch list ready. There are now 11 stocks that we will be watching for a traditional break out to new highs.
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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