– 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.


9:00 AM – MORNING MARKET UPDATE & WATCH LIST

SEE ALL MY CURRENT WATCH LISTS HERE: James’ Stock WatchLists

The recent volatility which began last week looks to continue at least for another day as world markets are significantly lower and U.S. futures are off sharply. Nasdaq futures are currently down -200.


QUOTE OF THE DAY:

“My comeback was not about winning or losing; it was about the feeling of being able to compete at top level again.”
– Thomas Muster


Last week was basically the worst week of the new year. No matter how good the news on the economy, traders were negatively focused all week on the prospect of a deepening trade dispute between the U.S. and China after Trump tweeted his frustration over the pace of talks last Sunday.

Tensions ratcheted up further Wednesday evening when Trump accused the Chinese of negotiating in bad faith and reneging on commitments made in previous rounds of negotiation.

Then on Friday, the President ordered the U.S. to raise a previous 10% tariff on $200 billion in Chinese goods to 25% and said the tariff may soon apply to all goods coming from the country.

The Dow broke below and closed below its 50-day moving average for the first time since Jan., 17th.

The index ended the week at 25,942 off -2.12% or 562 points, its biggest weekly loss since March by just -0.1%.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

After closing at an all-time high last week, the Nasdaq Composite lost -3% or -247 points this past week to end at 7917.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The S&P 500 lost -64.24 points or +2.18% this past week and closed at 2881.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

The major averages basically bounced from support on Friday as the Nasdaq and the S&P 500 hung in near their respective 50-day moving averages, and the Dow traded sharply higher from its 200-day.

The current uptrend is officially “under pressure” with 5 distribution days on S&P 500 and also 5 on the Nasdaq.

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He is looking for those select few which are setting up in sound technical bases and which looked poised to breakout that day.

Each stock is listed with specific trading criteria such as a TRIGGER PRICE, TRIGGER VOLUME and MAX BUY PRICE.

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BREAKOUT UPDATE:

Atlassian Corporation Plc. (TEAM – Nasdaq)

This very highly-ranked stock had been featured each morning in our Stock WatchList: Morning Update starting on Thursday 5/2.

Shares broke out late afternoon on Wednesday as they traded above our posted TRIGGER PRICE of $117.16 while volume was running twice the normal rate.

This leader closed its break out day at the session highs and at a new all-time high.

Chart services courtesy of stockcharts.com. Annotations by James Taulman.

Even with the pressure of the broader market this week, this latest breakout continued higher the following day with an additional +7% gains.

Then on Friday, the stock did dip very briefly first thing in the morning, before quickly recovering and going on to close out the day with another +3% gain.

Shares closed the week with breakout gains of +9.99%.

Volume has been well above the normal rate for this entire advance from the 50-day moving average, which is a sign of institutional accumulation and that is a characteristic we like to see accompany such gains.

As mentioned above, the stock is very highly-ranked and also has solid fundamentals. The company recently reported a +133% increase in EPS compared to the same quarter a year ago.

From here, any above average volume declines would be, at the least, the first concern.

I am going to put our 1st SUPPORT at the highs of the previous base near $115.00, and a break below there would be a technical violation.

Below there we have the 50-day moving average, currently at $110.65.

NOTE: Receive this daily report in your email each morning.

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WATCHLIST UPDATE FOR MONDAY:

I ran my routine stock screens over the weekend and added 4 new stocks to our watch lists.

We now have a total of 15 stocks on our watch lists.

Current Personal Portfolio 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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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.