Stocks on the verge of a Breakout $QCOM, $SHOP

Today, the market sustained the rally going into the FOMC minutes. We got clarity on the "Midcycle adjustment" comment from the rate cut last month.  Jerome Powell the Fed president said that the July rate cut was just a re calibration, and not part of a preset course for more quantitative easing.

The market's reaction was positive, as market watchers counted it as a vote of confidence in the economy to support the strong macroeconomic data that we have seen over the course of the last year. Jerome Powell made it clear that it was divided with the President of the United States on rate cuts to make up for trade. 

What we learned was that the market has an upward bias in the market reaction is that there are more gains to come. These time, it should be no different as the usual suspects should continue to gain and add to their already impressive gains for the year. 

Stocks to keep an eye on are: 

Qualcomm (QCOM)

LG announced that its phones will use Qualcomm's powered Snapdragon chip

Qualcomm has an average price target of $79

Shopify (SHOP)

Shopify has been on a tear lately, on the back of its stellar earnings

With an average price target of $420

I will update you on these names as their breakouts progress.