– 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.
9:15 AM – MORNING MARKET UPDATE & WATCH LIST
[dropcap]A[/dropcap]fter another down day yesterday (Dow -314), futures are significantly higher this morning.
QUOTE OF THE DAY:
“Winning and losing isn’t everything; sometimes, the journey is just as important as the outcome.”
– Alex Morgan
The focus today is on U.S. / China trade talks after a report this morning suggested that Beijing is willing to discuss a partial trade deal with Washington.
Investors also will watch for minutes from the Fed’s policy gathering committee last month to gather clues on the outlook for interest rates.
Minutes from the rate-setting FOMC’s Sept. 17-18 meeting will be released at 2 p.m. Eastern Time. Ahead of that, we have a round table on labor market conditions and local banking at 11 a.m. with Kansas City Fed President Esther George in Kansas City, one of three dissenters in last month’s FOMC meeting.
A reading on U.S. job openings will be released at 10 a.m. , along with a report on wholesale trade.
This week, the S&P 500 along with the Dow ran into their 10-day moving average, while the Nasdaq had turned back from its 50-day line.
As I wrote on this week’s Sunday Stock Report – “…we got a sharp pullback to the 200-day line with an increase in volume, followed by a 2-day rally on lighter volume. Not the most promising action.”
We need to break above this resistance for any move higher to be meaningful.
As seen in the chart of the Nasdaq, the index is trading between support and resistance of its moving averages.
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
The current rally status remains as “Uptrend under pressure” with 6 distribution days on the Nasdaq and 7 on the S&P 500.
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BREAKOUT UPDATE:
We had another BreakOut Alert on Monday, as shares of REXR from our Technical SetUps WatchList traded above their TRIGGER PRICE.
| SYM | LAST | BREAK OUT DATE |
TRIGGER PRICE |
MAX BUY PRICE | % FR TRIG PR |
| REXR | $44.75 | 10/7 | $45.02 | $47.27 | -0.60% |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
Our previous 2 BreakOut Alerts are holding up at new highs.
| SYM | LAST | BREAK OUT DATE |
TRIGGER PRICE |
MAX BUY PRICE | % FR TRIG PR |
| AIV | $53.38 | 9/19 | $52.59 | $55.22 | +1.33% |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| SYM | LAST | BREAKOUT DATE | TRIGGER PRICE | MAX BUY PRICE | % FR TRIG PR |
| BEP | $41.99 | 9/23 | $38.04 | $39.94 | +10.80% |
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.
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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 7 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.
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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.