8:00 AM – MORNING MARKET UPDATE & WATCH LIST
The major averages held up very well this past week and then went on to post solid gains on Friday with strong showings in financials, energy, and industrials.
QUOTE OF THE DAY:
“The truth of the matter is that you always know the right thing to do. The hard part is doing it.”
– Norman Schwarzkopf
Stocks continued to be buoyed by earnings announcements during one of the busiest weeks of the season. We had nearly 600 companies announce their previous quarter financials in the past 5 trading days.
Markets did remain rather tame on a broader basis, especially with the S&P and the Dow as they each exchanged up days for down days most of the week. This, while news that the U.S. and China seemed closer to formalizing a partial trade deal, consumer sentiment holding steady, and continuing Brexit uncertainty.
There were broader swings intra-day, especially in individual stocks, yet daily closes on the benchmarks remained more modest especially compared to recent weeks.
As was with the previous week, the biggest action came on Friday. However, while the former Friday was bearish, this Friday’s actions was bullish. The S&P 500 nearly broke out to new highs while the Nasdaq cleared a downward trendline and closed up nearly +2% on the week.
The Dow Jones posted solid gains on Friday as well (+153 points). It closed at 26,958, with a weekly gain of +188 or +0.70%.
The index remained above its 50-day moving average, yet is still in a shorter-term downtrend, marked by a series of lower highs. There are also several areas of resistance for the index to work through on the upside.
The blue chips failed to trade above the 27,000 line all week, and still face further resistance of some previous highs, then ultimately the all-time highs which are -1.5% from here.
This morning, futures are modestly higher.
The latest breakout from our watch list.
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.
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Chart services courtesy of stockcharts.com. Annotations by James Taulman.
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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.
No matter the market, I always have a current watch list ready. There are now 8 stocks that we will be watching for a traditional break out to new highs.
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