– 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.
8:45 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]L[/dropcap]ast week was another bullish week for the market as the major averages booked back-to-back winning weeks.
QUOTE OF THE DAY:
“I never dreamed about success, I worked for it.”
– Estee Lauder
Both the S&P 500 and the Nasdaq closed at record levels, while on Friday, the Dow ended at its session highs, and just -51 points from its historic high.
Friday’s rally was spawn after the October jobs report showed the labor market remains strong, allaying concerns that slower global growth and a weak manufacturing sector would start to hit households.
Earlier in the week we also had the Federal Reserve cut short-term interest rates again, the latest in a series of rate reductions around the world.
U.S/China relations remained clam, as impeachment inquiry proceedings continued. The death of Baghdadi and other ISIS leaders this week didn’t seem to have much of an effect on the market.
Earnings were a big driver as it was the busiest week of announcements with 979 companies reported. About 70% of S&P 500 companies reported quarterly numbers and of those 75% have reported better-than-expected earnings, according to Factset.
The Dow Jones closed the week at 27,347, with a net gain of +389 points or +1.4%, after advancing +1.9% the previous week.
The blue chips did break through nearly all of the resistance we noted, yet still have to clear their previous all-time high at 27,398.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
This morning, futures are sharply higher, following markets in Europe and stocks in Asia.
Ryanair and Under Armour report results before the open. Marriott, Uber, Groupon, Hertz, Shake Shack and The RealReal follow after the close.
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BREAKOUT UPDATE:
There were 2 new “BreakOut Alerts” this past week.
#10 Inphi Corporation (NYSE – IPHI)
Inphi Corporation provides high-speed analog and mixed signal semiconductor solutions for the communications, datacenter, and computing markets worldwide.
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE |
BREAK OUT DATE |
| IPHI | $71.99 | 9/15 | $70.00 | 10/30 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE | 1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE | % GAIN/LOSS |
| $73.50 | $64.50 | 50 DMA | $64.40 | +2.84% |
#9 Perficient, Inc. (NASDAQ – PRFT)
Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using middleware software products developed by third-party vendors.
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE |
BREAK OUT DATE |
| PRFT | $39.11 | 10/26 | $39.84 | 10/29 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE | 1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN/LOSS |
| $41.83 | $38.78 | 50 DMA | $36.65 | -1.83% |
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”
Start Receiving Our Free 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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