6:30 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]T[/dropcap]his past week began with the market expecting a quarter-point rate cut from the Federal Reserve and hoping for a sign that more were to come.
QUOTE OF THE DAY:
“Nearly all men can stand adversity, but if you want to test a man’s character, give him power.”
– Abraham Lincoln
Fed Chairman Jerome Powell delivered on the first, but called the cut a “midcycle adjustment,” dashing hopes for investors expecting more than one-and-done and causing stocks to tumble on Wednesday.
The selling picked up as Trump threated to impose tariffs on all Chinese exports to the United States. The announcement shocked markets on Thursday, producing a 600-point swing for the Dow and a continued sell-off on Friday.
The Dow broke below 27K on Thursday, then dipped below its 50-day moving average on Friday.
The index ended below 27K at 26,484, off -707 points for the week, down -2.60%.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
The Distribution Day count is now at 6 on the S&P 500, and still 5 on the Nasdaq.
The current rally is officially – under pressure.
We had a total of 4 breakouts last week.
I continue to run stock screens on a daily basis searching for high-ranked leaders, with solid fundamentals that are building bullish technical bases. This weekend I added 1 new stock to the watchlist.
There are now a total of 8 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.
Now You Can Request a
Complimentary Copy of…
The Sunday Stock Report –
[dropcap]J[/dropcap]ames’ 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.
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.
REQUEST YOUR COMPLIMENTARY COPY HERE
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.