This Week’s Sunday Stock Report – 12/30/18
– 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.
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0 BreakOuts This Past Week | 6 Stocks on Our WatchList for the Week
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The wild and whipsaw action which has plagued December, continued for yet another week this past week.
Monday’s shortened session ended at 1PM with the major averages closing down more than -2% and at another new low. This was the worst Christmas Eve for the market, ever.
It was followed by the Dow posting its first ever 1,000 point session gain when trading resumed on Wednesday.
Thursday was another solid day as the major averages opened lower, then closed higher.
Friday’s trading turned back to a more normal pace as it was relatively tight and quiet.
After those two days of impressive gains, the Dow industrials ended the week up a stout +3%. However, the index ran right into resistance of a downward trendline. It will be interesting to see if continued gains could be made to break above this technical hurdle.
Chart courtesy of stockcharts.com
The Nasdaq finished with a +4% weekly gain. After Thursday’s rise, the index is now less than -20% from its prior high and officially no longer in bear-market territory.
Chart courtesy of stockcharts.com
The S&P 500 gained +3% this past week.
Chart courtesy of stockcharts.com
By the book – a stock market rally attempt is underway. A follow-through day could come as soon as this week to confirm the new market rally. As of 10 PM ET Sunday night, Dow futures are up +178 points.
Regardless of market conditions, I am always preparing a watch list of high-ranked leaders which are building bullish technical bases. This weekend, I ran my routine stock screens and found 5 new stocks to add to our watch list.
We now have a total of 6 stocks which we will be watching for a potential breakout.
From our watch list last week of 4 high-ranked stocks, we had 0 breakouts this past week.
Keep in mind, the exchanges will be open Monday for a full day of trading, then closed all day Tuesday for the New Year holiday. Trading will resume on Wednesday morning at regularly scheduled times.
As always, if anyone has any questions – please feel free to email me at james@jamestaulman.com as I would be glad to assist you.
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