EB Watch List Update Report

Dear Members: MARKET UPDATE The market's been messing with traders on both the long and short side recently as it trades in a narrow range. Every time the NASDAQ and S&P approach key technical levels we see profit taking. At the same time, just when it looks like the selling might pick up, buyers step in. This could partly be due to the time of the year, lighter volume and flat out indecision out there. The VIX is higher by over 3% today and at one point was above all key technical levels. So even there we can see the same indecision; the VIX isn't breaking out to the upside but it isn't falling either. In looking at the S&P, the 20 day moving average has now moved slightly below the 50 day. The 20 day has not been below the 50 day on the S&P is four months. So unless the bulls can regain the momentum this should be seen as a bearish development. Gold has shot up today while government bond yields are unable to make any progress to the upside. In other words we are seeing a flight to safety. Right now the range on the S&P is 2450 to the upside and 2417 to the downside. The S&P got as high as 2449 today before the selling kicked in, right on cue. I wish I could make a case for the bullish side but I can't. That could change if the S&P closed back above 2450, especially with some gusto. Until then it makes sense to remain cautious and go light on the whipsaw type trading that can become very expensive. KEY EARNINGS REPORTS Companies reporting earnings today (August 28) Before Market Opens: None After Market Closes: None Companies reporting earnings tomorrow (August 29) Before Market Opens: BMO, BNS, BBY and HAIN After Market Closes: HRB ADDITIONS TO WATCH LIST BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List LYV - Stock is fairly flat as it continues to consolidate. A close above $39.79 would be bullish. NVDA - Stock is up slightly and currently remains above all key technical levels. Like to see it close back above $165.80. Mid Cap Watch List SGMS - Stock remains in consolidation mode and so far remains above all key technical levels. 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