– 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.


5:00 AM – MORNING MARKET UPDATE & WATCH LIST

NOTE: Today’s watch list can be found here.

The start of the 2019 market was not quiet for long as after just one day of calmer trading, the 2018 volatility resumed with Thursday’s -660 point plunge on the Dow. This was immediately followed by the index closing up over +700 the very next day.


QUOTE OF THE DAY:

“Success is the sum of small efforts, repeated day-in, and day-out.” 

– Robert Collier


Stocks surged higher on that Friday with a better-than-expected jobs report for December and dovishly interpreted remarks from the chairman of the Federal Reserve.

After closing up +740 points on Friday’s session, the Dow Jones Industiral Average capped off the week with a net +1.6% gain. This was the 2nd up week for the index after three down weeks in a row. The blue chips clearly broke out and closed above our previously noted resistance of a downward trendline.

Chart courtesy of stockcharts.com

After posting a +4% gain last week, the Nasdaq added another +2.3% this week.

Chart courtesy of stockcharts.com

The S&P 500 gained +1.9% this past week on the heels of last week’s +2.9% advance. Wall street’s bellwether closed the week at our previously noted area of resistance.

Chart courtesy of stockcharts.com

As I wrote last week – “By the book – a stock market rally attempt is underway. A follow-through day could come as soon as this week to confirm the new market rally.”

…and that occurred on Friday as we had an proper follow through day. The market is now officially in a confirmed uptrend.

For traditional BUYS, we are going to have to let our breakouts by our guide.

From our watch list last week of 4 high-ranked stocks, we had breakouts this past week.

This coming week will be the first full week of trading of the new year, and we should expect to see everyone “back to work” with prosperous hopes for 2019.

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