Dear Members: First, I want to announce that our next Top 10 Picks webinar featuring Tom Bowley will take place on Monday, August 19, 4:30 pm eastern. However, we're going to have a "Sneak Preview" webinar on Monday, August 12, 4:30 pm eastern where Tom will discuss the underlying methodology to his selection process as well as performance to date. So, save the dates! Market Update: Yesterday was one of those days the bulls would just as soon have avoided with the technical advantage shifting to the bears. The damage that was done left traders more skeptical than they were coming into the new week, and with good cause. Then after the bloodbath yesterday Dow futures fell almost 600 points within 90 minutes of the close only to turn green this morning and leaving traders wondering if the worst of the selling might be over; an awful lot to absorb in such a quick time frame. The VIX is showing that nerves have steadied some but not enough to go all in here. In fact, just the opposite; with the VIX still in the 20's and all of the major indexes technically damaged traders may be thinking more about selling on rallies rather than buying on dips, as we've already seen this morning. But, in fact, stocks are much cheaper than they were when the market recently reached all time highs which may at least get traders thinking about nibbling on those stocks that might have gotten overpriced and now look more attractive. In thinking about trading strategy this is one of those times that capital preservation comes first. Then, in baseball parlance, it could make sense to try for singles or doubles rather than trying to hit one out of the park.How long the current uncertainty lasts is anyone's guess but there's no guessing that at this exact moment time the bears have regained control of the action. Unfortunately for the bears they are now at the mercy of any sudden development or out of the blue tweet that could cause a quick change in sentiment. All of this to say it's one of those times to err on the side of caution while remaining very selective and while being ready to shift at a moment's notice as necessary. Companies reporting earnings today (August 6) Before Market Opens: ACM, AGN, ALNY, ARMK, AVTR, BHC, BDX, TECH, BKI, CHH, CWEN, DISCA, DUK, EMR, ENBL, EXPD, FIS, HAE, HSIC, JCOM, JLL, MGP, MOS, NJR, PPL, REGN, RHP, SAGE, SERV, SYH, AES, TDG, USFD, WLK and ZTS After Market Closes ADT, Y, AFG, WTR, AIZ, CARG, DCP, DVN, FANG, ENLC, FLT, LOPE, GH, GWPH, HST, HUBS, JAZZ, KAR, MTCH, MCHP, NEWR, OHI, PE, PEN, PXD, PAA, PAGP, PLNT, SWX, TWO, VOYA, DIS and WYNN Companies reporting earnings tomorrow (August 7) Before Market Opens: ALLO, ATHM, CPRI, CNP, CCC, CVS, CYBR, HZNP, INXN, IONS, LAMR, MRNA, NYT, NXST, NRG, SBGI, SRC, STWD, TEVA, MIDD, VER, and WEN After Market Closes: ALB, DOX, UHAL, AIG, ANGI, AZPN, ATO, AVLR, BKNG, CABO, CVNA, CTL, CPA, ET, EVRG, FLO, FOXA, FOX, FNV, FTDR, GLP, G, HHC, IAC, ICUI, LHCG, LBTYA, LYFT, MFC, MRO, MELI, MNST, NTES, NUAN, PEGA, PRI, QTREA, RYN, ROKU, RGLD, SBRA, SRPT, SWKS, TRIP, WMGI and ZG ADDITIONS TO WATCH LIST PLEASE NOTE: 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 MU - Stock made a decent move to the upside before profit taking kicked in. It got as high as $43.19 this morning so that is a level to watch to see if it can clear which would be bullish. Medium Cap Watch List PRSP - Stock hit our stop loss so is being removed from the Watch List. Small Cap Watch List PRGS - Stock hit our stop loss so is being removed from the Watch List. Deletions from Watch List PRSP and PRGS At your service, John Hopkins EarningsBeats.com