EB Watch List Update Report

Dear Members: MARKET UPDATE A new trading week underway with the bulls continuing their control of the market with all of the major indexes now at record highs. The VIX has dipped back into the 9's as trader confidence remains in lofty territory. It should be pointed out that the Dow and S&P are technically overbought with the NASDAQ not far behind. But it's hard for traders to not be excited about record highs. This positive action is happening before the Fed rate announcement coming out Wednesday afternoon so it appears traders aren't too worried that the Fed's words will derail the current rally. A few things have happened that show traders are willing to take on additional risk including a nice bounce in government bond rates since the ten year treasury note neared 2%. Also, gold has fallen nicely from its recent high. In addition the $USD has perked up some. All of this seems to have increased the appetite for stocks. Now that the S&P has cleared 2500 traders will be trying to figure out where it might go next. Should the buying continue, 2525 could be the next target for the bulls. I could make the argument that the market has gotten a bit ahead of itself, especially with the Fed announcement looming, two of the three major indexes technically overbought and the VIX not that far off historical lows. But even if we do get some type of pullback we could see traders waiting to buy on any dips. It's just the environment we are in at the moment. KEY EARNINGS REPORTS Companies reporting earnings today (September 18) Before Market Opens None After Market Closes: SCS Companies reporting earnings tomorrow (September 19) Before Market Opens: AZO After Market Closes: ADBE, BBBY, CPRT and FDX ADDITIONS TO WATCH LIST We added some new stocks to the Candidate Tracker that are now available to members. I will let members know if we add any stocks to the Watch List. I'm bullish on the overall market here but would like to see at least some type of pullback to get some better reward to risk trading candidates. We've had some nice winners lately so being patient makes sense. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List Mid Cap Watch List KORS - Stock has cooled off some after recent move higher. Would like to see the stock close back above Friday's close of $44.92 which would be bullish. Our target remains $45.75. PSTG - Stock has leveled off some after trying hitting its highest level in a week. A close above $14.99 would be very bullish. SFR - Stock is up almost 1.5% as it has moved back above its 20 day moving average. A close above $36.85 would be bullish Small Cap Watch List None DELETIONS FROM THE WATCH LIST None At your service, John Hopkins EarningsBeats Send Message Cancel Message Use your 'back' button to go back and edit message. © 2000-2017 MemberGate Ltd. All Rights Reserved.