EB Watch List Update Report

Dear Members: MARKET UPDATE The bears are trying to make some noise here but so far have been unable to inflict much damage. A few things are helping the bulls. First, the VIX is showing renewed confidence in stocks. Next, government bond yields have risen since the ten year successfully held the 2% level. We've also seen gold pulling back decently from its recent surge higher. And the $USD has perked up some. And you can add in the fact that the S&P hit a record high yesterday and again today as it closes in on 2500. The Dow remains within easy striking range of its all time high and earlier in the session the NASDAQ got within 6 points of its all time high. So everything packaged together is favoring the bulls with the shorts continuing to feel the pressure as stocks move higher. Let's keep in mind that the current positive environment is coming at during a month that historically favors the bears. And now we're within 3-4 weeks of Q3 earnings season which traders are betting will be quite positive. The next key level for the bulls to clear on the S&P is that 2500 level because it's never happened before. If it does happen that could gin up even more interest on the buy side and put even more pressure on the shorts. On the other hand if the bears prevent that 2500 level from being cleared it could get traders wondering if a near term top is being put in. It should be pointed out that all of the major indexes now have stochastics in the mid to upper 90's with RSI's not that far from 70. Those are generally levels where traders start looking at taking profits. So while the overall market environment must be seen as positive it wouldn't be so bad to see the market pull back some as it could present new opportunities. KEY EARNINGS REPORTS Companies reporting earnings today (September 13) Before Market Opens CBRL After Market Closes: None Companies reporting earnings tomorrow (September 14) Before Market Opens: None After Market Closes: ORCL ADDITIONS TO WATCH LIST Will keep you posted if spot any new high reward to risk trading opportunities BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List LYV - Stock is flat but remains overbought. Our target remains $42 but we have raised our stop to any INTRA DAY move below $41.37. NVDA - Stock looks fine with a reminder that there are a lot of $170 call options expiring this Friday so it could stall in the near term. Our price target remains at $172.50. Mid Cap Watch List SGMS - Stock is down fairly flat as it continues to consolidate and a close above $37.20 would be bullish. KORS - Stock tried to clear the recent high of $42.96 earlier in the session before pulling back some. A close above $42.81 would be bullish. PSTG - Stock is flat as it remains in consolidation mode. A close above $14.99 would be very bullish. Small Cap Watch List None DELETIONS FROM THE WATCH LIST None at this time At your service, John Hopkins EarningsBeats