6:30 AM – MORNING MARKET UPDATE & WATCH LIST
Although all the major averages did pullback last week, the market’s current uptrend continued.
QUOTE OF THE DAY:
“I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
– Michael Jordan
On Friday, we closed out the month of June and also the mid-way point of the year.
After jumping +1900 points with three straight winning weeks, the Dow Jones Industrial Average recorded its best June in 81 years, closing at 26,599.
The blue chips closed the month up +7.2% and closed out the first half of the year up +14%. This time last year Dow was down -2% for the year.
The Nasdaq added +7.4% on the month, and rose +21% for the first six months of 2019.
Interestingly, the second quarter of 2019 turned out to be very different from the first quarter. In the first quarter, the Nasdaq composite jumped +16.5%, yet it just finished the second quarter with only a +3.6% gain. The China trade war deserves a lot of the blame for the disparity.
After making a new all-time high during the previous week, the S&P 500 closed did rise +6.9% on the month, marking its best June since 1955, and is up +17.4% for the year.
June’s gains came after the Fed opened the door for easier monetary policy later this year. The Fed said earlier this month it will “act as appropriate” to maintain the current economic expansion. This lifted market expectations for a July rate cut. The current rally has been fueled by the possibility of a cut to interest rates.
This week will be abbreviated with the Independence Day celebration occurring mid-week and that has the market closing early on Wednesday at 1PM. Regular trading does not resume until Friday morning.
Last night, U.S. stock-market futures jumped out of the gates after the U.S. and China agreed Saturday to pause their tariff war, indicating likely gains on Monday.
This should be good news for the current rally, which paused last week awaiting the Trump-Xi meeting. However, we will have to see how much investors may question if there’s a real path to a China trade deal.
Last week we had 3 breakouts for our watch lists.
|SYM||LAST||ADDED TO WATCH
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 more than 257 charts this weekend, I added 6 new stocks to our weekly watch list.
There are a total of 17 stocks on our watch lists.
You can now start receiving my Technical SetUps WatchList each market morning through the BuyingBreakOuts website for only $9 a month here.
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.
James’ Flagship Weekly Newsletter.
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NOTE: On SUNDAY THERE WERE A TOTAL OF 10 STOCKS on the watch list in the current issue. As of Wednesday morning, there are now 6 stocks as 4 have already broken out this week.
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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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