EB Watch List Update Report

Dear Members: MARKET UPDATE The market started out strong only to see the market turn negative. This increased volatility we've seen lately can be seen in the VIX which is trying to find its own direction; much closer to the all time low than the all time high but showing that traders are still more nervous now than when the VIX dipped into the 8's just a month ago. In fact the VIX is now back above all key technical levels, once again favoring the bears. Earlier in the session the NASDAQ moved back above both its 20 and 50 day moving averages only to fall back. The S&P touched its 20/50 day moving averages before reversing. This type of market behavior is very discouraging to the bulls who up until recently were fully in control. One could argue that the winner of the battle going on today could take control of the market in the near term. In other words, the bears know that if the bulls are successful in clearing - and remaining above -all key technical levels on the major indexes, then they will lose their new found momentum. So the stakes are high here. It is easy to see that these key technical levels have become strong resistance, much like they had been strong support for many months. Right now the S&P needs to close back above 2451; simple as that. Otherwise we'll have to give the edge to the bears. To the downside, there is some support at 2433 and if that goes we could revisit the most recent low of 2317. KEY EARNINGS REPORTS Companies reporting earnings today (August 24) Before Market Opens: FLWS, ANF, BURL, DLTR, GME, HRL, MIK, PERY, SHLD, SIG, SJM, SPLS, TIF and TTC After Market Closes: ADSK, AVGO, BRCD, MRVL, VEEV and VMW Companies reporting earnings tomorrow (August 25) Before Market Opens: BIG After Market Closes: None ADDITIONS TO WATCH LIST BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List LYV - Stock was up nicely earlier in the session as it tried to clear the most recent high but has since pulled back. A close above $39.79 would be bullish. NVDA - Stock is down slightly after making a nice move earlier in the session. Would like to see a reversal as the day progresses. Mid Cap Watch List SGMS - Stock hasn't gone anywhere but it does remain above all key technical levels and a close above $35.05 would be bullish. Small Cap Watch List None DELETIONS FROM THE WATCH LIST None at this time At your service, John Hopkins EarningsBeats