– 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.
7:00 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]Y[/dropcap]esterday, the Dow Jones and the S&P 500 both closed up +0.4% while the Nasdaq added +0.6%.
QUOTE OF THE DAY:
“I want to congratulate all the men out there who are working diligently to be good fathers whether they are stepfathers, or biological fathers or just spiritual fathers.”
– T. D. Jakes
The current rally continues with the Dow and S&P holding above their respective 50-day moving averages.
This morning, European markets opened with mild losses, while stocks in Asia ended in negative territory. The Hang Seng index shed -0.8% as Hong Kong braced for another weekend of protests.
The US.. Census Bureau will release its report on retail sales for May at 8:30 a.m. ET.
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BREAKOUT UPDATE: This Week’s BreakOuts vs. Last Week’s
So far, this week we’ve had only 3 breakouts from our watch list.
All three have thus far struggled to make any gains, yet none have broken their most-important support levels.
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DATE |
MAX BUY PRICE |
% GAIN/ LOSS |
| PRFT | $32.28 | 6/9/19 | $32.38 | 6/13/19 | $34.00 | -0.31% |
| RNG | $118.16 | 6/9/19 | $125.37 | 6/10/19 | $131.64 | -5.75% |
| ARCC | $17.68 | 5/23/19 | $18.17 | 6/10/19 | $19.08 | -2.70% |
#3 Perficient, Inc. (NASDAQ – PRFT)
This stock just broke out Thursday from our Technical SetUps WatchList which was included in this week’s Sunday Stock Report.
Shares traded above the stock’s TRIGGER PRICE of $32.38 very briefly (<5 mins.) mid-afternoon as volume was running at about the normal rate.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
#2 RingCentral Inc (NYSE – RNG)
This selection broke out on Monday morning, yet closed its breakout day back below its TRIGGER PRICE, which is always a concern.
Shares went on to sell off -3.4% the next day.
The stock did close Thursday with a moderate bounce from its 50-day moving average at $115.45, and that is technically helpful.
Ranks do remain nearly as high as they can be for this selection, however, we need to see continued gains preferably with volume to negate the recent technical weakness.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
#1 Ares Capital Corporation (NASDAQ – ARCC)
Was a solid breakout on Monday as shares closed the day above the TRIGGER PRICE of $18.17 coupled with a +88% increase in volume.
The stock did, however, negatively reverse the following day, and that was obviously not a good sign.
Shares held up Wednesday, yet fell on Thursday as the stock went ex-dividend.
Thursday’s close happens to be right at the 50-day moving average which is where ARCC has found support several times since reclaiming that technical line on 1/30.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
Although both ARCC and RNG have not violated support of their 50-day moving averages, we need to see each make an advance from these important technical levels. A break below (the 50 DMA) would b a clear SELL signal.
As far as PRFT – it just barely broke out yesterday. We will have to see how it follows-through on Friday.
The previous week was a bit more exciting with a total of 12 breakouts from the Technical SetUps WatchList alone.
Those, we could say, are performing overall better.
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DATE |
MAX BUY PRICE |
% GAIN/ LOSS |
| NMIH | $28.79 | 6/6/19 | $28.95 | 6/7/19 | $30.40 | -0.55% |
| G | $36.78 | 6/2/19 | $36.89 | 6/7/19 | $38.73 | -0.30% |
| TNET | $69.13 | 5/23/19 | $65.19 | 6/7/19 | $68.45 | +6.04% |
| ADP | $164.45 | 5/18/19 | $165.60 | 6/7/19 | $173.88 | -0.69% |
| DHR | $139.42 | 6/6/19 | $134.92 | 6/6/19 | $141.67 | +3.34% |
| EME | $84.65 | 6/6/19 | $84.22 | 6/6/19 | $88.43 | +0.51% |
| SPGI | $224.45 | 6/6/19 | $222.10 | 6/6/19 | $233.21 | +1.06% |
| TREE | $388.47 | 6/6/19 | $401.05 | 6/6/19 | $421.10 | -3.14% |
| V | $169.35 | 6/6/19 | $165.84 | 6/6/19 | $174.13 | +2.12% |
| VRSK | $145.34 | 6/6/19 | $144.58 | 6/6/19 | $151.81 | +0.53% |
| AIV | $51.38 | 4/14/19 | $51.60 | 6/6/19 | $54.18 | -0.43% |
| AWI | $95.16 | 6/2/19 | $89.54 | 6/3/19 | $94.02 | +6.28% |
NOTE: You can now start receiving James’ Technical SetUps WatchList each market morning through his BuyBreakOuts website for only $9 a month here.
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WATCHLIST UPDATE:
I continue to run stock screens on a daily basis searching for high-ranked leaders which are setting up in bullish technical bases.
I did not add any new stocks to any of our watch lists this morning.
There are now a total of 10 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.
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Now You Can Request a Complimentary Copy of James’ Flagship Weekly Newsletter…
The Sunday Stock Report
James’ 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.
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.