EB Watch List Update Report

John Hopkins - February 08, 2018

Dear Members: Market Update: The weakness in the market continues as traders err on the side of caution. Who can blame them? Yesterday saw very positive action erased by day's end; the sell on any bounces variety. The VIX is higher by almost 10% as it climbs back above 30; much lower than the other day when it touched 50 but much higher when compared to 10 where it rested for many months and when confidence was high. In looking at the S&P it got as low on 2638 on Monday so that's the first key level of support. If that goes then traders will start thinking of the most recent low of 2593. Unfortunately for the bulls none of the major indexes are technically oversold so there's plenty of room for the market to move lower. At this point there's not much to do but see how this plays out as we get closer to the end of the week. I have to tell you that it would actually be helpful if the market broke below the lows of the other day, something that would totally spook the market. Not sure that is going to happen but it could if traders throw up their hands in unison. Companies reporting earnings Today (February 8) Before Market Opens BWA, CAH, CVS, GT, GRA, GRUB, HBI, K, KKR, MAS, NLSN, NYT, PENN, PAG, PM, SNA, SCGLY, TEVA, TRI, TZOO, TWTR, TSN, VIA, WWE and YUM After Market Closes: AIG, AIZ, CSL, EXPE, FEYE, KNL, LTRE, MHK, NCR, NWSA, NVDA, SWIR, SKX, TCO, TRMB, UIS, VRSN and ZG Companies reporting earnings tomorrow (February 9) Before Market Opens: CBOE, MCO and TEN After Market Closes: None ADDITIONS TO WATCH LIST Will keep you posted if any new additions to the Watch List. Keeping an eye on those stocks that beat earnings and could pull back to key price/technical support. Will be very picky. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None at this time LONGS: Large Cap Watch List None Mid Cap Watch List None Small Cap Watch List CMC - Stock is down by 1% after making nice move higher yesterday. A close back above $23.53 would be bullish. DELETIONS FROM THE WATCH LIST None At your service, John Hopkins EarningsBeats