– 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.
6:00 AM – MORNING MARKET UPDATE & WATCH LIST
SEE ALL MY CURRENT WATCH LISTS HERE: James’ Stock WatchLists
[dropcap]T[/dropcap]he market got back in a confirmed uptrend this past week as stocks booked one of their best weeks of the year.
QUOTE OF THE DAY:
“A strong positive mental attitude will create more miracles than any wonder drug.”
– Patricia Neal
After closing lower for 6 consecutive weeks, the Dow Jones traded sharply higher this past week.
The index advanced every session, sprinting back above its 200 DMA, to gain +1169 points or +4.7%. This was the biggest weekly gain since November.
The blue chips crossed back above 26,000, an important psychological level for many traders, before settling in just below that level, and just below their 50 DMA at 25,983.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
The Nasdaq booked its best performance since the week ended Dec. 28th.
For the week, the composite gained +289 points, or +3.8%, to close at 7742.
The tech-laden index decisively bounced from its previous low set on March 8th.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
The S&P 500 ended with a net gain of +4.4%, or +121 points closing at 2873 and bounced from its March 8th lows as well.
The S&P 500 ended the week just above its 50-day moving average. It’s first close back above the 50-day since a single session on May 16th.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
Friday’s action is officially being called a follow-through day although there are some who question the volume on the Nasdaq, as it was +0.17%, and not the required +0.2%. The way I see it is – we had 4 breakouts on Friday from a watch list of 9 stocks. Those are buys.
This morning, the announcement of a deal between the United States and Mexico to stave off U.S. tariffs is boosting global markets.
U.S. stock futures point higher. The Dow is set to rise 85 points, or +0.3%. The Nasdaq and S&P 500 could jump +0.4% and +0.3%, respectively.
European markets opened up after stocks in Asia posted significant gains. Britain’s FTSE 100 rose +0.5% in early trading, and France’s CAC 40 climbed +0.2%. Hong Kong’s Hang Seng shot up +2.3%, while Japan’s Nikkei rallied +1.2%.
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BREAK OUT UPDATE:
After not have any breakouts the previous week, this week we had 6 from our watch list of 10 stocks in the Sunday Stock Report.
| SYM | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
% GAIN /LOSS |
| AWI | 6/2/19 | $89.54 | MON | +6.00% |
| AIV | 4/14/19 | $51.60 | THU | -0.68% |
| G | 6/2/19 | $36.89 | FRI | +0.24% |
| TNET | 5/23/19 | $65.19 | FRI | -0.21% |
| ADP | 5/18/19 | $165.60 | FRI | +0.80% |
| WIX | 6/6/19* | $143.92 | FRI | +0.60% |
Armstrong World Industries Inc. (NYSE – AWI)
It all started Monday with a breakout in Armstrong World. This very highly ranked leader was just added to the watch list in last week’s Sunday Stock Report as it was building a bullish base of consolidation.
After Monday’s breakout, shares continued to advance the entire week. However, Thursday’s an Friday’s action was a clear technical SELL SIGNAL (+6%) for short-term traders as the stock quickly got extended on lighter (below-average) volume.
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
| AWI | $94.91 | 6/2/19 | $89.54 | MON |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN/ LOSS |
| $94.02 | $89.00 | 50 DMA | $82.38 | +6.00% |
On Thursday morning I added WIX to the watch list on the Sunday Stock Report Members Page.
Apartment Investment and Management Co. (NYSE – AIV)
Later that afternoon, we had our 2nd breakout with AIV. Disappointedly it negatively reversed on Friday while the broader market continued higher in a strong fashion.
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
| AIV | $51.25 | 4/14/19 | $51.60 | THU |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN /LOSS |
| $54.18 | $51.00 | $50.00 | $47.47 | -0.68% |
Shares of G, TNET, ADP, and WIX all broke out on Friday as the market confirmed the current rally with a Follow-Through Day.
Genpact Limited (NYSE – G)
Shares look poised to continue higher based on Friday volume-backed gain.
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
| G | $36.98 | 6/2/19 | $36.89 | FRI |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN/ LOSS |
| $38.73 | $36.00 | 35.00 | $33.94 | +0.24% |
TriNet Group Inc. (NYSE – TNET)
TNET did close just slightly below (-0.21%) it’s TRIGGER PRICE of $65.19.
That is a minor concern.
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
| TNET | $65.05 | 5/23/19 | $65.19 | FRI |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN/ LOSS |
| $68.45 | $62.00 | 60.00 | $59.97 | -0.21% |
Both ADP and WIX made solid price progress, however, the volume could have been greater.
Automatic Data Processing (NASDAQ – ADP)
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
| ADP | $166.92 | 5/18/19 | $165.60 | FRI |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN/ LOSS |
| $173.88 | $165.00 | 160.00 | $152.35 | +0.80% |
| SYM | LAST | ADDED TO WATCH LIST |
BREAK OUT PRICE |
BREAK OUT DAY |
| WIX | $144.78 | 6/6/19 | $143.92 | FRI |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE |
1st SUPPORT |
2nd SUPPORT |
MAX STOP LOSS GUIDE |
% GAIN/ LOSS |
| $151.12 | $140.00 | 50 DMA | $132.41 | +0.60% |
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WATCHLIST UPDATE:
I continue to run stock screens on a daily basis searching for high-ranked leaders, with solid fundamentals that are building bullish technical bases. While looking through the 297 charts over the weekend, I added 3 new stocks to our watch lists.
There are now 17 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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Now You Can Request a Complimentary Copy of James’ Flagship Weekly Newsletter…
The Sunday Stock Report
James’ long-running weekly newsletter is completely focused on only highly-ranked stocks which match up very favorably with the proven and winning guidelines.
It features only about 6 – 12 stocks on average in a weekly watch list.
We’ve found that this watch list is ideal for short-term 0r intermediate-term traders, as well as longer-term investors.
Each stock has both strong fundamentals for potential longer-term growth and the solid technical characteristics which may be more appealing to shorter-term traders who like to buy breakouts and sell a few days later with good profits.
REQUEST YOUR COMPLIMENTARY COPY 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.