6:30 AM – MORNING MARKET UPDATE & WATCH LIST
NOTE: Today's watch list can be found here.
After another brutal down day yesterday, futures this morning are sharply higher.
European markets opened up, following a positive session in Asia.
QUOTE OF THE DAY:
"Success is focusing the full power of all you are on what you have a burning desire to achieve."
– Wilfred Peterson
The Labor Department will release December jobs data at 8:30 a.m. ET.
Economists expect the report to show that the US economy added 178,000 jobs over the month.
Then at 10:15 AM ET, Fed Chairman Jerome Powell will appear alongside his predecessors Janet Yellen and Ben Bernanke at a panel discussion in Atlanta.
Investors will be looking for reassuring words from the central banker following recent market volatility.
NOTE: If you haven't been working as closely with me as you would like, please feel free to email me any questions you may have at this time – what could be an important juncture in the market.
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Now You Can Start Receiving James' –
Technical SetUps WatchList Each Market Morning
Early each market morning James diligently screens through hundreds of high EPS and RS ranked stocks that have solid fundamentals.
He is looking for those select few which are setting up in sound technical bases and which looked poised to breakout that day.
Each stock is listed with specific trading criteria such as a TRIGGER PRICE, TRIGGER VOLUME and MAX BUY PRICE.
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Regardless of market conditions, I am always preparing a watch list of high-ranked leaders which are building bullish technical bases.
I ran my routine stock screens this morning, yet did not add any new stocks to our watch list.
We still have a total of 7 stocks which we will be watching for the next buyable breakout – see here.
One stock in particular is CIEN which is quietly trading above its 50-day moving average, and just off of recently made new highs.
Chart courtesy of stockcharts.com
Now you can get access all watch lists with updated trading criteria including –TRIGGER PRICE, TRIGGER VOLUME, and MAX BUY PRICE for every stock here.
Missed any of these morning reports? You can find all previous reports here.
Standard rules apply – any gains above the stock's TRIGGER PRICE while the day's volume is at least on pace to make the TRIGGER VOLUME would have any of these set ups confirming a BUY signal up to their MAX BUY PRICE by default.
Keep in mind that when a stock breaks out – becomes potentially buyable – there are other factors to consider.
Volume on the breakout. A stock that is breaking out through resistance, with an increase in volume of +50% above the stock's average volume (50 DAV), is showing more conviction and more demand. This is not saying – all lower volume breakouts will fail. Actually, we've seen many continue higher. If you have found that you did buy a stock that showed lower daily volume or volume under 50%, going forward – simply treat it a regular trade.
Earnings BreakOuts. Many stocks from our watch list will break out during earnings season. Earnings breakouts can be more rewarding, however, these trades carry much more risk then traditional (non-news) breakouts. One needs to also consider – the strength/weakness of the fundamental news that was just released along with the forward-looking guidance the company gave, investors response to the conference call, etc. For anyone who is not familiar with – buying earnings breakouts – I suggest that they sit through a few seasons to study, paper trade, and show some profits, before applying actual capital.
As always, if anyone has any questions – please feel free to email me at james@jamestaulman.com as I would be glad to assist you.
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