7:30 AM – MORNING MARKET UPDATE & WATCH LIST
Stocks were largely generally on Tuesday, but the Nasdaq Composite was dragged down by the drop in shares of Google parent Alphabet. The Dow Jones closed down -19 points, while the S&P 500 slipped -2.5 points, and the Nasdaq gave up -49 points.
QUOTE OF THE DAY:
“You don’t know what you can get away with until you try.”
– Colin Powell
The S&P 500 remains near its all-time high as third-quarter earnings season remains in full swing. Along with key names such as AAPL, FB, YUM, SBUX, LYFT, MGM, RCL, CME, TREE, and GE, we have nearly 300 companies report earnings today.
The Federal Reserve will update monetary policy at the conclusion of its October meeting today. Policy makers are widely, but not universally, expected to lower the fed-funds rate by a quarter-point, the third cut this year.
Markets in Europe opened mostly lower. Stocks in Asia also stuttered.
We had another BreakOut Alert yesterday as PRFT blasted through its TRIGGER PRICE of $39.84 with a +288% increase in volume.
Shares closed the breakout session +3.4% above our TRIGGER PRICE.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
NOTE: These stocks were 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.
No matter the market, I 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.
Members can access all watch lists with updated trading criteria including – TRIGGER PRICE, TRIGGER VOLUME, and MAX BUY PRICE for every stock here.
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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