Pre-Market Update: Bulls Defend Support

The following is a FindLeadingStocks (advanced reports) update sent before Thursday’s (8.16.18) open.  If you want to become a member, click here

Market Update: Support Is Defended

Wednesday was an important support day on Wall Street as all of the major indices successfully tested and bounced off of their respective 50 DMA lines. In Tuesday’s premarket update, I wrote, “…Stepping back, the major averages are still above their respective 50 DMA lines and that is the next big level of support to watch.” The key now is to watch and see if this bounce has legs, or, if sellers show up and send the market lower. After Wednesday’s bell CSCO gapped up after reporting earnings and before Thursday’s open WMT is on track to do the same. Those are two big stocks that are helping the market rally as we head into today’s open.   As always, I want to see where the market closes tomorrow and will have a full report for you this weekend. 

FLS Portfolio:

The FLS portfolio continues acting well. The service sold CRM for breakeven. If the market continues acting well there are a lot of strong stocks setting up (see below). Here is a snapshot of the portfolio as of Wednesday’s close:

Positions:

The service owns:  

ADBE +125.51%, ISRG +65.81%, 
QQQ +8.82%, SQ +44.19%, AAPL +11.05% 

 The service will exit: 

ADBE @ 207.12, ISRG @ 449.54,

QQQ @168.87, SQ @ 59.37, AAPL @189.32

Working Orders:
There are no new working orders today

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This was sent to our Active Trader members (if you want to join the active traders service, send an email to: website@ChartYourTrade.com) on Tuesday (8.14.18) at 11:51am EST:

8/14/18 @11:51am EST

Dear All:

If support is defended and the market goes higher from here (very likely outcome), here is a list of leading stocks that are setting up nicely to breakout (trading near their respective 50 DMA lines). 

Leading Stocks Near 50 DMA Line

1. VKTX
2. P
3. NOW
4. NTNX
5. GDDY
6. OAS
7. PANW
8. KEYS
9. DOCU
10. MA
11. INTU
12. ADSK
13. DKS
14. DISCA
15. FLT
16. OLLI

IPOs Trading at/just below 52-week high

1. MESA
2. ZS
3. BOX
4. SAIL
5. COLD
6. ROKU

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Thursday Morning Reading – Here’s What Caught My Attention This Morning

• Markets Now: Dow Jumps 200 Points Because Talk With China Outweighs Turkey Turmoil
  
• Stocks making the biggest moves premarket: WMT, JD, JCP, BA, CSCO & more
  
•  Walmart shares soar as earnings top expectations, boosted by 40% US e-commerce sales growth  
  
• Movie theater stocks drop on report Amazon is going to disrupt their industry next 
• Constellation Brands just dropped $4 billion on pot. Here’s why that could be a bum deal. 
• JC Penney shares crater on earnings miss, lowered forecast 
• Report finds traces of a controversial herbicide in Cheerios and Quaker Oats 
• Musk’s Boring Company proposes Dodger Stadium passenger tunnel

• U.S., China Plan Trade Talks as Tariffs Dispute Takes Toll

• Tencent’s Rout This Year Has Wiped Out Over $175 Billion in Market Value

• China and U.S. to Resume Low-Level Talks in Bid to Resolve Trade War

• Norway Keeps Rates Unchanged on Path to Tightening Next Month

• Thai Central Bank Plays It Cool While Emerging Markets Worry About Turkey
• U.S. Mortgage Refinancing Lowest Since 2000, MBA Data Show
• Goldman Frets a Huge Shift in Italian Debt Market Is Looming  
• The Billionaires and The Guru: How a Family Burned Through $2 Billion 
• Inverted Yield Curve? No Problem
• Hedge Funds Are Losing Their Appetite for FANGs

Disclaimer: 

This analysis contains information from resources believed to be reliable but are not guaranteed as to accuracy or wholeness as of the date of this publication. Past performance is not necessarily indicative of future results. There is always a risk of loss in trading and investing. Opinions articulated are subject to change without notice. This analysis and any opinions expressed are intended for educational purposes only and should NOT BE interpreted as a call for engagement in any transaction involving the purchase or sale of any security or investment product or service. The risk of loss in investing and or trading can be substantial, and traders/investors should carefully consider the inherent risks of such an investment in light of their financial condition. The author, firm, associates, or the firm’s clients may have a position in any of the investments mentioned and their positions are subject to change without notice.  Any reproduction or retransmission of any portion of this report without the express written consent of 50 Park Investments is strictly prohibited.

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