6:30 AM – MORNING MARKET UPDATE & WATCH LIST
Yesterday, the major averages closed lower as the Dow lost -142 points and snapped its eight-day winning streak.
Investors were rattled by a drone strike on Saudi Arabian oil facilities which happened over the weekend.
QUOTE OF THE DAY:
“I’m trying to get people to see that we are our brother’s keeper. Red, white, black, brown or yellow, rich or poor, we all have the blues.”
– B. B. King
U.S. stocks held up for the most part. The Dow lost -0.5%, while the S&P 500 and the Nasdaq each lost -0.3%. It was no surprise to see energy and defense stocks rally, Monday.
Growth stocks which got hit last week, also held up well.
This morning, European stocks searched for direction for their Tuesday session. The German DAX was down -0.13%, the French CAC was up +0.12%, and the U.K. FTSE 100, rose +0.14%. Asian markets fell in early trading.
Today, the Federal Reserve starts its two day meeting beofre it will deliver its monetary policy statement on Wednesday.
BREAK OUT UPDATE:
We continue to take a closer look at September’s 7 breakouts.
Here is another…
Arch Capital Group Ltd. (ACGL – NASDAQ)
Arch Capital Group Ltd. is a Bermuda-based public limited liability company which writes insurance, reinsurance and mortgage insurance on a worldwide basis, with a focus on specialty lines, the segment of the insurance industry where the more difficult and unusual risks are written.
9/17 UPDATE: Shares of this breakout did sell-off early last week along with the others, however, the stock never even broke support of the previous highs ($40) of the most recent base – which was our noted 1st SUPPORT.
|SYM||LAST||ADDED TO WATCH LIST||BREAKOUT
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
|MAX BUY PRICE||1st SUPPORT||2nd SUPPORT||MAX STOP LOSS GUIDE||% GAIN/LOSS|
|was: 50 DMA
now: 50 DMA
For the remainder of last week, the action in ACGL was fairly tame with shares trading in a tight range above initial support, and not triggering a SELL signal.
All of the stock’s ranks remain fairy-high and were not affected by this week’s broader market action concerning growth leaders.
Shares closed last week just above $40 with only some very slight overhead supply to work through to get clear to new all-time highs above $41.57.
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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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