– 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.


8:30 AM – MORNING MARKET UPDATE & WATCH LIST

SEE ALL MY CURRENT WATCH LISTS HERE: James’ Stock WatchLists

This morning President Trump sent shivers through global markets, with stocks plunging after he threatened new tariffs that would escalate the US-China trade war.


QUOTE OF THE DAY:

“Believe in yourself, and the rest will fall into place. Have faith in your own abilities, work hard, and there is nothing you cannot accomplish.”
– Brad Henry


The Shanghai Composite plunged -5.6%, while Hong Kong’s Hang Seng fell nearly -3%. The Stoxx Europe 600 index opened down -1.2%. Oil futures dropped while gold prices increased.

U.S. stock futures also pointed to a slump. The S&P 500 was set to open down nearly -1.6%, while the Nasdaq was poised to fall -1.8%.

Last week, positive economic news significantly helped to buoy the market as early in the week investors were reassured by dovish signals from the Fed in spite of continued uncertainty over the outlook for the global economy and there was also the newly announced rebound in first-quarter growth, to +3.2%.

The S&P and Nasdaq made new highs intra-day on Tuesday, however, each index did reverse and actually close that session lower.

That lead to a pullback to near their respective their previous lows of mid-April on Thursday.

From there, stocks got a boost from the latest jobs report released at 8:30 AM Friday which beat analyst forecasts and helped the S&P close with a weekly gain while the Nasdaq ended at a new all-time high.

The Dow closed the week at 26,504, off just -38 points or -0.14% on the week. This is after closing a smidge (-16points) lower the previous week. Of course, the decline in Boeing (BA) has put a noted drag on the index. It has yet to make a new all-time high, closing -0.6% from its next potential milestone.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The Blue-chips have strong, near-coinciding support of the previous lows, along with the 50-day moving average at 26078, and the round-26000.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The Nasdaq did officially close at an all-time high of 8164 – albeit by only adding +17 points this week. This was the index’s sixth straight up week up. The tech-centric index is now up 17 of its past 19 weeks, leading the rally with gains of +23% so far for the year.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The S&P 500 added just +6 points or +0.20% this past week and closed at 2945, just shy of the record high close it reached on Tuesday. That’s still enough to have the index again narrowly-gaining for a straight second week.

The bellwether has actually only closed lower 4 weeks so far this rally, and is technically up 5 out of the last 6 weeks, remaining in an uptrend.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

Earnings season continued in full force as many bigger names such as GOOGAAPLAMDGEMCDMAPFECVSGSKYUMGILD reporting throughout the week.

In general, quarterly numbers have come in mixed so far with nearly 80% of the companies in the S&P 500 reporting, 76% have reported a positive EPS surprise and 60% have reported a positive revenue surprise.

The 1st quarter earnings season was actually forecast to show a -4% decline, and halfway through the season, earnings growth is flat to slightly negative.

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WATCHLIST UPDATE:

I ran my routine stock screens over the weekend and added 3 new stocks to our watch list.

There are now a total of 16 stocks on our watch lists.

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.

Missed any of these morning reports? You can find all previous reports 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.