Dear Members.
Good morning!
Market Update:
Stocks are higher, the VIX is lower, Treasury yields may have put in a bottom, all of the major indexes are above all key technical levels, all positive for the market with all of the major indexes higher. Yet the sharp correction in some highly visible growth stocks has kept the NASDAQ from advancing in any significant way and the S&P has gone nowhere for the past six weeks. Yet the bears must be frustrated as the bulls have thwarted any major attempts to take the market lower, especially during a historically lousy month for stocks. We're at one of those times where traders are looking for any reason to go long or short; trade deal news, interest rate news, positive/negative earnings news, positive/negative economic news. Otherwise the market is likely to remain in consolidation mode. Yesterday's high on the S&P was 2989 so that is now resistance with 3000 next. To the downside the S&P got as low as 2967 and if that were to go 2948 (the 50 day moving average) would be next. So overall a mostly positive environment for stocks with the market remaining vulnerable to any sudden, negative tweet or unexpected news.
Companies reporting earnings today (September 11)
Before Market Opens:
None
After Market Closes
ACB
Companies reporting earnings tomorrow (September 12)
Before Market Opens:
KR
After Market Closes:
AVGO and ORCL
STRONG EARNINGS CHARTLIST/TOP 10 STOCK PICK PORTFOLIOS/ADDITIONS TO WATCH LIST
We will keep you posted on any new additions to the Watch List. Going to continue to be very selective for the time being.
BRIEF COMMENTS ON WATCH LIST STOCKS
SHORTS:
None
LONGS:
Large Cap Watch List
None
Medium Cap Watch List
None
Small Cap Watch List
CECO - Stock is off the high of the session. It remains oversold though certainly could move lower. Would at least like to see it clear today's high of $19.70 for it to get back on track. We'll keep our stop at any CLOSE below $19.
Deletions from Watch List
None
At your service,
John Hopkins
EarningsBeats.com Better Timing. Better Trades.