6:30 AM – MORNING MARKET UPDATE & WATCH LIST
On Tuesday, the Dow was closed with a gain after snapping its 8-day win streak on Monday. The Nasdaq and S&P 500 also ended the day higher.
QUOTE OF THE DAY:
“Sooner or later, those who win are those who think they can.”
– Paul Tournier
Oil prices dropped sharply yesterday, following Monday’s surge. Oil prices initially fell after Reuters reported Saudi Arabian oil production would return to normal within two to three weeks.
Growth stocks have rebounded from last week’s sell-off.
The Federal Reserve will issue its next rate-making statement today at 2 p.m. Expectations for a quarter-percentage-point rate cut have fallen to just more than 50%, according to the CME FedWatch tool.
BREAK OUT UPDATE:
Here is an update from this week’s Sunday Stock Report.
Akamai Technologies, Inc. (AKAM – NASDAQ)
Akamai Technologies, Inc. is an American content delivery network and cloud service provider headquartered in Cambridge, Massachusetts, in the United States. Akamai’s content delivery network is one of the world’s largest distributed computing platforms, responsible for serving between 15% and 30% of all web traffic.
9/15 UPDATE: Like most of September’s 7 breakouts, this one sold off sharply on Monday (7/9) morning, and posted further declines on Tuesday. Volume was, conversely, lower than the average during AKAM‘s 2-day pullback and shares did maintain fairly well above the 50-day moving average. These are important points to note in comparison to many of September’s other breakouts which sold off with an increase in volume, and also definitely broke 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|
now: 50 DMA
|was: 50 DMA
Shares of AKAM did break our previously noted 1st SUPPORT of $90 on Monday, yet volume was below average and with other leaders selling off sharply, this was definitely a concern, yet not all out SELL signal, especially with the 50 DMA intact.
There was a decent up-day on Wednesday, followed by some solid volume-backed gains on Thursday which helped to negate the recent weakness. Friday’s session was somewhat whipsawed – being not very definitive – ending with a slight loss.
All ranks for AKAM, including its A/D rank, remain high. I would expect the gains to continue with little technical damage to shake off and very little if any overhead supply in the way of further possible upside as long as the environment is cooperative.
NOTE: The above was first published this week’s Sunday Stock Report.
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