– 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.
7:30 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]A[/dropcap]ll three of the major averages closed sharply lower yesterday on higher volume. The Dow plunged -494 points, as the Nasdaq lost -123, while the S&P fell -53. All three indexes are now well below their 50-day moving averages.
QUOTE OF THE DAY:
“Choosing to be positive and having a grateful attitude is going to determine how you’re going to live your life.”
– Joel Osteen
A surprisingly weak report on U.S. manufacturing from the Institute for Supply Management was followed Wednesday by disappointing private employment numbers for September from payroll firm ADP. This has pushed the S&P 500 down -3% in two days.
The United States said it plans to impose tariffs on $7.5 billion worth of European exports starting October 18th. Should the tariffs be enacted, as seems likely, Europe will retaliate.
Also, tensions in Hong Kong keep rising as pro-democracy protests continue, and Brexit remains a mess even as UK Prime Minister Boris Johnson pushes for a deal before October 31st.
Let’s not forget, the US impeachment inquiry against PresidentTrump.
The market’s current uptrend is clearly under pressure with a distribution day count at 7 on S&P 500 and 6 on Nasdaq.
For notable earings today we have, Constellation Brands and PepsiCo reporting before the open. Costco will follow after the close.
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RELATED LINKS:
IBD: Still The No. 1 Rule For Stock Market Investors: Always Cut Your Losses Short
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BREAKOUT UPDATE:
Our latest BreakOut Alert continues holding onto is gains in a brutal marketplace.
#1 Brookfield Renewable Partners (NYSE – BEP)
Brookfield Renewable Partners L.P. is a publicly-traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Canada. It is 61% owned by Brookfield Asset Management.
| SYM | LAST | ADDED TO WATCH LIST | BREAK OUT PRICE |
BREAK OUT DATE |
| BEP | $40.86 | 9/19 | $38.04 | 9/23 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE | 1st SUPPORT | 2nd SUPPORT | MAX STOP LOSS GUIDE | % GAIN/ LOSS |
| $39.94 | $38.00 | 50 DMA | $35.00 | +7.41% |
NOTE: This stock was on my Technical SetUps WatchList. You can now start receiving my Technical SetUps WatchList each market morning through the BuyingBreakOuts website for only $9 a month here.
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BuyingBreakOuts.com
“Morning High-Ranked Stock Watch List & Intra-Day BreakOut Alerts”
Start Receiving Our Free BreakOut Alerts
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WATCHLIST UPDATE:
Now matter the status of the market, we should always have a current watch list ready.
There are now 11 stocks that we will be watching for a traditional break out to new highs.
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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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.