6:00 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]A[/dropcap]fter recent breaks below trusted support levels, the major averages went on to post solid weekly gains and new record highs this past week.
QUOTE OF THE DAY:
“You have power over your mind – not outside events. Realize this, and you will find strength.”
On Monday, the indices started off the week gaping up from Friday’s new 2020 lows. The robust gains continued through a very upbeat State of the Union speech by President Trump as markets opened sharply higher on Wednesday.
The broad-based gains continued Thursday, after the widely expected vote to acquit the President the previous afternoon.
At Thursday’s close, with then 4 days of aggressive gains behind them, the indexes had a chance to sweep the week.
There was positive fundamental news Friday morning with the release of a better-tan-expected January jobs report, however futures at the time pointed to a sharply lower open.
The major averages did selloff on Friday, yet still netted sizable weekly gains with the Dow up +3% for the week, the S&P 500 index advancing +3.2%, and the Nasdaq gaining a solid +4%.
Investors’ focus remained equally split between world efforts to contain the fast-moving coronavirus and quarterly earnings reports from key companies in a busy week of quarterly announcements.
After falling nearly -1100 points over the past 2 weeks, and slicing its 50-day line last week, the Dow Jones gained +846 points or +3.0% this week.
The blue-chip index closed its first week of February at 29,103, and -1% below Thursday’s record high.
Have you seen the new
Premium Members Area at…
Our new Premium Members Page now features the current watch list and past 30-days of breakouts.
These stocks are now presented with more data points – update continuously throughout the trading day.
Each selection is featured with an annotated chart – showing support levels and other specific trading criteria that is updated nightly.
See the latest watch list additions which are near a breakout, follow the ongoing chart analysis and updated support levels, for your holdings.
We also have a new, faster BreakOut Alerts system, – alerts are now available as a text message to your cell phone.
TAKE A LOOK
(as of 1/24 – requires a membership)
No matter the market, I always have a current watch list ready. There are now 6 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. (as of 1/24 – requires a membership)
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.
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.