Stock WatchList: Morning Update
Early each market morning we diligently screen through thousands of high EPS and RS ranked stocks that have solid fundamentals.
We are looking for those select few which are setting up in bullish technical bases and which looked poised to breakout that day.
Stock are assigned their own specific trading criteria such as a Trigger Price and Max Buy Price and then each is listed in our – Stock WatchList: Morning Update and emailed out to subscribers, before the market opens for trading.
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Here are the 4 latest breakouts from our:
Stock WatchList Morning Update.
1) Tuesday 6/28: BreakOut
Mid-America Apartment Communities Inc. (MAA – NYSE) P/L: +3.05%
Mid-America Apartment Communities, Inc. is an independent real estate investment trust (REIT).
This particular REIT was just added to the Technical SetUps WatchList on Monday, June 27th.
I had been clearly pointing out the strength in the group since the morning of June 16th when I said – “I see several REITs setting up. Check out – BRX, FRT, MAA, NNN, ROIC, STOR, and SUI.”
My subsequent updates stated – “Also to continue our REIT theme – this morning, I added AJX to the TrendLine SetUps WatchList.”
The June 27th headline – “Dow Futures Off 100 – REITs Show Their Strength”
On June 28th – “Market Set for a Relief Rally – More REITs
We already had STOR (P/L: +7.95%) as a BUY on June 16th, DOC (P/L: +23.6%) is still a holding in the TrendLine Portfolio from late January, and now MAA (P/L: +3.05%) was breaking out this past Tuesday (6/28) with several other from the same group.
Shares continued sharply higher with an increase in volume for the remainder of the week.
Chart courtesy of stockcharts.com
2) Wednesday 6/29: BreakOut
Reynolds American Inc. (RAI – NYSE) P/L: +2.05%
Reynolds American Inc., through its subsidiaries, manufactures, and sells cigarettes and other tobacco products in the United States.
Shares of RAI first broke out from the TrendLine SetUps WatchList on Friday while the market was first reeling from the shock of the Brexit “leave” vote.
I then added to the Technical SetUps WatchList over that weekend as the stock then looked poised to breakout to new highs.
On Wednesday, June 29th this stock broke out again, this time it triggered a BUY signal from the Technical SetUps WatchList.
Shares made some decent gains the following day of nearly +2% with a +37% increase in volume.
From here, any above average volume declines would be the first concern.
As is the case with nearly all of our breakouts – initial support is at the highs of the previous base or the downward trendline, as seen on the chart below.
Solid support is at the 50-day moving average, currently $50.22.
Chart courtesy of stockcharts.com
3) Friday 7/1: BreakOut
Beacon Roofing Supply, Inc. (BECN – Nasdaq) P/L: +2.05%
The leaders was just added to the watch list on Friday morning.
Shares broke out that same day and triggered a technical buy signal (along with BSX).
The stock closed the week at a new high.
For those who bough this breakout, initial support is at the highs of the previous base near $45.
Chart courtesy of stockcharts.com
4) Friday 7/1: BreakOut
Boston Scientific Corporation (BSX – NYSE) P/L: -0.21%
This was one of two breakouts we had on Friday. The other being BECN.
The volume on the breakout was actaully just below average.
At this point we would like to see some continued gains with volume conviction.
In the event of a pullback, support is at the 50-day moving average ($22.34).
Chart courtesy of stockcharts.com
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About the Site’s Founder
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.
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