EB Watch List Update Report

Dear Members: Please note that I will be travelling over the next 10 days. Accordingly my Market Updates could be coming out a bit earlier or later than usual each day. MARKET UPDATE The market may be rising but it's getting harder and harder to latch on to stocks that are breaking out in any meaningful way. We're at a point where traders are focusing their energies on stocks reporting earnings and we're already getting mixed results though it is very early to draw any conclusions. For sure blue chip stocks are leading the way higher lately with the Dow putting in another record high as it closes in on 23,000. It's got stochastics near 98 with a RSI of 81 but this doesn't seem to bother traders one bit. The VIX continues to hang out right near its 20 day moving average; it's still extremely low by all historical measures but off the most recent lows. We've already seen some heavyweights report their numbers including Netflix last night with the stock lower this morning. On the flip side Johnson and Johnson reported their numbers before the bell with the stock at a new high. And we're going to continue to get thousands of earnings reports over the next few weeks. Here;s the way I see it right now. The market is very overbought; that's not new news. Stocks that are about to report or who have already reported earnings - are getting the most attention. This is leaving a lot of other stocks on the sidelines. We maintain our position that it's simply too risky to own a stock into its earnings reports because there's no telling how the market will respond. So at this point in time it makes most sense to go easy on alerts or getting aggressive on the long side. Instead we're better off letting more companies report, guage market reaction, be patient and look for the best reward to risk opportunities. This should become more apparent over the next few weeks. Just no need to chase anything here at the moment. Companies reporting earnings today (October 17) Before Market Opens CMA, CSX, GS, GWW, HOG, JNJ, MBWN, PGR and UNH After Market Closes: CREE Companies reporting earnings tomorrow (October 18) Before Market Opens: ABT, MTB, MTG, NTRS and USB After Market Closes: AA, AXP, BXS, EBAY, KALU, KMI, SLM, STLD, UAL and URI ADDITIONS TO WATCH LIST Will keep you posted BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List CRM - Stock is down by over 1% today after a nice move the past three sessions. PLEASE NOTE. We are changing our stop on CRM to any CLOSE below its 20 day moving average, currently at $95.53. Mid Cap Watch List GWRE - Stock is lower today and we will keep our stop of any CLOSE below the 20 day moving average, currently at $77.84. Small Cap Watch List None at this time DELETIONS FROM THE WATCH LIST None At your service, John Hopkins EarningsBeats