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Rally May Now be at a Pivotal Point

Okay, the S&P 500 ran right into resistance of its 50-day moving average yesterday.

Futures are lower this morning, yet off of the lows.

Can’t say we will for sure open lower or close lower.

This is what we have expected, so far.

As I wrote on 9/29 – “We may get a rally from here within the next few days… I will see if a counter-trend rally from the lows plays out.

On Oct 2nd – “…expecting a rally into resistance of either the previous highs or the moving averages, then another pull-back.”

On the 5th – “I don’t like to predict nor listen to the crowd, however that scenario does seem likely.”

Cut to today, and there are a few things of technical note.

The Dow is leading as it broke out of its downtrend on Monday and now is above its 50 DMA.

Not sure I like when the Dow leads.

The S&P is at resistance.

The Nasdaq is lagging, and still in a downtrend under its moving averages.

Feels like what could be another pivotal day, today.

I would have to throw in that, with news due from the Fed today with the release of the September meeting minutes, anything is possible by the close.

We will see and just have to trade what the market gives us.

So far, that has not been much.

It’s been tough. It will get better and it may be getting better as this rally is gaining traction.

Yesterday, I issued a SELL: TradeTicket Alert at 2:20 PM on our JCOM.

Just being prudent and taking what profits we can.

Would love to see some really fundamentally sound stocks setting up in bullish bases of consolidation.

So far that has not been the case, but those have been our bread and butter for many years and have paid very well.


NOTE:
The above is an excerpt from my Daily Stock WatchList & Portfolio Update. This morning report includes my watch list for the day along with complete BUY, SELL, SHORT or COVER commentary on my current holdings. Make sure you do not miss any of these new reports, please take a moment and get signed up here.

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For more than 8 years James had served as Editor-in-Chief an 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.

James now runs two websites and a portfolio service where he features select stocks which match up very favorably with the guidelines of the winning investing system.

At his long-standing SundayStockReport.com website, he produces a weekly newsletter that includes his High Ranked Leaders Watch List, and ongoing portfolio style coverage on breakouts from that concise list.

His newer site, BuyingBreakOuts.com is where he offers a stock watch list each market morning, emailed out as a Stock WatchList Morning Update. This report contains his hand selected stocks which looked the most poised to break out. There are also real-time "BreakOuts Alerts!" of stocks from that list which trade above his Trigger Price. These are sent via email to those who sign up for this free service.

Most recently James introduced - James Taulman's Personal Portfolio Service where he gives specific BUY, HOLD or SELL calls on suitable high-ranked market leaders. These selections have solid fundamentals along with bullish technical chart patterns. He also presents stocks for shorting and gives, SHORT and COVER alerts on those as well.

He designed this service to take only what he sees as the most sound stock selections from all of the services which he currently offers. This new service is basically how he uses the information which he has available to him, to trade a personal brokerage account.

Please feel free to email James directly at james@jamestaulman.com with any of your questions or concerns, as he would be glad to assist you.