9:15 AM – MORNING MARKET UPDATE & WATCH LIST
After ending the previous week with a gap up and a close at new all-time highs, the major averages pulled back this past week, albeit in a somewhat tame fashion.
QUOTE OF THE DAY:
“A goal is a dream with a deadline.”
– Napoleon Hill
Investors continued to wrestle with shifting narratives around international trade all week, as well as a mixed picture in corporate earnings, highlighted by some of the biggest retailers in the country.
Still, the daily action remained rather tame especially with the market at new highs. Tuesday’s session marked the latest record highs for the indices. The most negative action came on Wednesday with a mid-day dip then a close well off of the day’s lows. That was followed by continued gains Friday which were not, however, enough to put any of the three major averages back in the black for the week.
All three indexes booked a weekly decline, ending their multi-week win streaks.
The Dow closed with a weekly loss of -129 points (-0.46%) after a four week run with consecutive triple-digit weekly gains which took the index to never before seen highs.
The blue chips ended at 27,875 — back under 28k.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
This morning, futures point higher. Markets in Europe gained in early trading, while stocks in Asia broadly rallied on trade optimism.
China unveiled new guidelines about the protection of intellectual property. That move could mark a big step toward appeasing the United States, and may even help pave the way for a long-awaited trade truce.
BREAKOUT ALERT UPDATE:
Target Corporation (NYSE – TGT)
Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials; food assortments, including perishables, dry grocery, dairy, and frozen items; and apparel, accessories, home décor products, electronics, toys, seasonal offerings, and other merchandise.
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NOTE: This stock was first featured in my “Stock WatchList: Morning Update” before it broke out. You can now start receiving my “Stock WatchList: Morning Update” each market morning through the BuyingBreakOuts website for only $9 a month or just $97 for an entire year here.
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