Dear Members: Market Update: The mixed reaction to earnings so far has put a damper on stocks with all of the major indexes lower. Netflix in particular had a big miss when it reported its numbers after the bell last night while IBM is higher by almost 4% as traders continue to reward/punish good/bad results. We should keep in mind that the market was very overbought coming into earnings season so short of every company knocking it out of the park was vulnerable to selling. The VIX is fairly flat today as it remains under all key technical levels. In other words, no panic at all on the selling. The earnings we've seen so far is just the tip of the iceberg and any string of strong/weak reports could tip the balance. And tonight we'll hear from Microsoft, certainly a company whose results could impact the overall market. For now the range on the S&P is 3017 to the upside and 2968 to the downside. Still no need to rush into anything at the moment; a good time to have some cash ready to deploy while being very selective. Companies reporting earnings today (July 18) Before Market Opens: ADS, ALLY, BBT, DHR, DOV, EWBC, GPC, HON, MTB, MS, NVS, NUE, PM, POOL, PPG, SAP, SBNY, SNA, SON, STI, TSM, BX, UNP, UNH, WSO and WBS After Market Closes COF, CHWY, ETFC, ISRG, MSFT, TIGO, PBCT, SKX and WAL Companies reporting earnings tomorrow (July 19) Before Market Opens: AXP, ALV, BLK, CFG, GNTX, IBKC, KSU, MAN, RF, SLB, STT AND SYF After Market Closes: None ADDITIONS TO WATCH LIST We will keep you posted on any new additions to the Watch List. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List None Medium Cap Watch List PRSP - Deja vu with the stock slightly lower as it continues to consolidate and a close back above $24.35 would be bullish. Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats