SSR 3/1: Market Falls Sharply into Correction – 2 New Stocks on the WatchList

This Week’s Sunday Stock Report – 3/1/20

– 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 BreakOut Alerts This Past Week | 2 Stocks on Our WatchList for Next Week

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[dropcap]A[/dropcap]s we all witnessed the major averages sold off at an amazing rate this past week. From Monday’s gap down to 1000 point drops on the Dow Jones, it was shocking to experience.

The blue-chips lost an astounding -3583 points or –12.4% this past week.

The index ended its rout above the 25,000 level at 25,409.

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

The Nasdaq lost -1009 points (-10.5%) on the week and closed at 8567.

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

The S&P 500 lost lost -384 points or -11.5% on the week.

The bellwether ended the week at 2954,

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

With the brutal selling this past week, the market is now officially in correction. Hence, there is no distribution day count.

Earnings season continues with 263 companies reporting next week.

After having 3 BreakOut Alerts the previous week, we had no breakouts this past week.

If you bought any of the 16 BreakOut Alerts that were issued over the past 30-days, be sure to check the new Premium Members Area at BuyingBreakOuts.com for ongoing chart analysis and updated support levels throughout the week here.

While reviewing over 179 charts this weekend, I added 2 new stocks to the watch list. I also removed all previous stocks that were on the list as each dropped out of their base with last week’s sell off. There are now 2 stocks that we will be watching for a traditional break out to new highs this coming week. The watch list is updated throughout the week here.

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BREAKOUT ALERT UPDATE: 

There were not any “BreakOut Alerts” this past week.

 

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RELATED LINKS:

IBDYour Retirement Plan Might Fail; Here’s Why That’s OK

IBDHow To Find The Best Growth Stocks: Why One Chart Can Give Multiple Interpretations

IBDAre Apple, Stocks ‘A Random Walk’? No; Anyone Can Time The Stock Market Bottom

 

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WATCH LIST UPDATE:

While reviewing over 179 charts this weekend, I added 2 new stocks to the watch list. I also removed all previous stocks that were on the list as each dropped out of their base with last week’s sell off. There are now 2 stocks that we will be watching for a traditional break out to new highs this coming week.

NOTE: There may be additional watch list stocks here.

TRADING CRITERIA TABLE Technical SetUps WatchList

Any trading above the stock’s TRIGGER PRICE while the day’s volume is at least on pace to make the TRIGGER VOLUME would have this set up confirming a BUY signal up to the MAX BUY PRICE.

SYM LAST ADDED TO WATCH LIST TRIGGER PRICE TRIGGER VOLUME MAX BUY PRICE % FR TRIG PR
STNE $39.89 3/1 $45.82 2,827,050 $48.11 -12.94%
ECPG $37.16 3/1 $37.71 389,850 $39.60 -1.46%

ANNOTATED CHARTSTechnical SetUps WatchList

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

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

NOTE: There may be additional watch list stocks here.

Questions? – Click here.

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About the Author: 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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