7:00 – MORNING MARKET UPDATE & WATCH LIST
NOTE: Today’s watch list can be found here.
Global stock markets dipped Thursday as investors reacted to negative economic data in Asia and the abrupt end of talks between the United States and North Korea.
QUOTE OF THE DAY:
“Don’t forget to tell yourself positive things daily! You must love yourself internally to glow externally.”
– Hannah Bronfman
U.S. stock futures are pointing lower. European markets opened down and most indexes in Asia closed with losses.
AMC Networks (AMCX), Cars.com (CARS), Houghton Mifflin Harcourt (HMHC), JCPenney (JCP), Keurig Dr Pepper (KDP), Marriot Vacations (VAC), Nielsen (NLSN) and Sotheby’s (BID) will release earnings before the open.
Dell (DELL), Funko (FNKO), GAP (GPS), Goldman Sachs BDC (GSBD), Live Nation (LYV), Marriott (MAR) and Nordstrom (JWN) are set to publish earnings after the close.
California utility company PG&E (PCG) will also report earnings before the open. It filed for bankruptcy protection last month after coming under pressure from billions of dollars in claims tied to deadly wildfires.
The U.S. Bureau of Economic Analysis will release its estimate of fourth-quarter GDP at 8:30 AM ET.
Now You Can Start Receiving James’ –
Technical SetUps WatchList Each Market Morning
He is looking for those select few which are setting up in sound technical bases and which looked poised to breakout that day.
Each stock is listed with specific trading criteria such as a TRIGGER PRICE, TRIGGER VOLUME and MAX BUY PRICE.
Normally $19.95 a month, now just $9 a month through James’ BuyingBreakOuts.com website.
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Shares of MIDD, from our TrendLine SetUps WatchList, broke out yesterday with a +430% increase in volume.
This was an earnings breakout, which already makes it a risky buy. Also considering that shares gapped opened +7%, then by 9:40 AM already started pulling back, before steadily falling to close at the day lows.
Hence, today’s action was not prudently buyable.
I am going to keep MIDD on the watch list as any gains with conviction would be buyable going forward up to the MAX BUY PRICE.
Chart courtesy of stockcharts.com
I ran my routine stock screens and added 1 new stock to our watch lists. – see here.
Now you can get access all watch lists with updated trading criteria including –TRIGGER PRICE, TRIGGER VOLUME, and MAX BUY PRICE for every stock here.
Missed any of these morning reports? You can find all previous reports here.
Standard rules apply – any gains above the stock’s TRIGGER PRICE while the day’s volume is at least on pace to make the TRIGGER VOLUME would have any of these set ups confirming a BUY signal up to their MAX BUY PRICE by default.
Keep in mind that when a stock breaks out – becomes potentially buyable – there are other factors to consider.
Volume on the breakout. A stock that is breaking out through resistance, with an increase in volume of +50% above the stock’s average volume (50 DAV), is showing more conviction and more demand. This is not saying – all lower volume breakouts will fail. Actually, we’ve seen many continue higher. If you have found that you did buy a stock that showed lower daily volume or volume under 50%, going forward – simply treat it a regular trade.
Earnings BreakOuts. Many stocks from our watch list will break out during earnings season. Earnings breakouts can be more rewarding, however, these trades carry much more risk then traditional (non-news) breakouts. One needs to also consider – the strength/weakness of the fundamental news that was just released along with the forward-looking guidance the company gave, investors response to the conference call, etc. For anyone who is not familiar with – buying earnings breakouts – I suggest that they sit through a few seasons to study, paper trade, and show some profits, before applying actual capital.
As always, if anyone has any questions – please feel free to email me at firstname.lastname@example.org as I would be glad to assist you.
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.