THU 9/13: Futures Considerably Higher – Shoe Retailer Continues Base Building

– 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.

---

8:45 AM – MORNING MARKET UPDATE & WATCH LIST

NOTE: Today’s watch list can be found here.

[dropcap]O[/dropcap]n Wednesday, the Dow Jones closed +0.1% higher, while the S&P 500 was flat, and the Nasdaq lost -0.2%.

This morning. U.S. stock futures are considerably higher with the Dow’s up +80 points.

European markets opened mixed. Stocks in Asia ended with gains.

We still have some companies announcing earnings. America’s largest grocery chain, Kroger (KR) will report its quarterly earnings before the bell. Adobe Systems (ADBE) will release earnings after the closing bell.

UPDATE: Q2 Holdings, Inc. (QTWO – NYSE )

This selection had been on our watch list since early August as it was building a base near new highs and its 50-day moving average.

Shares just finally broke out last Friday in fine fashion as the volume that day was nearly twice the normal rate and the stock closed the session near the day highs.

SYMBOL	LAST	ADDED TO WATCH LIST	BREAKOUT DATE	BREAKOUT PRICE
QTWO	$65.60	8/10/2018	9/7/2018	$63.90

Chart courtesy of stockcharts.com – Click chart to enlarge.

MAX BUY PRICE	1st SUPPORT	2nd SUPPORT	MAX STOP LOSS GUIDE	CURRENT % GAIN/LOSS
$67.10	$63.25	50 DMA	$58.79	+2.66%

This week we did, however, see it pull back as the volume remained elevated, yet price has thus far held above our 1st SUPPORT.

Wednesday’s gains of +2.2% are only somewhat encouraging, as the volume on the advance is only about average.

I ran my routine stock screens early this morning, yet did not find any new stocks to add to our watch list.

We still have a lucky 13 stocks which we will be watching for the next buyable breakout – see here.

One stock in particular is shoe manufacturer/retailer DECK which continues building a rather tight base near new highs and just above its 50-day moving average.