EB Watch List Update Report

Dear Members: Market Update: If there's one things being learned during the current market chaos it's that seeing is not necessarily believing. We saw this once again this morning as it looked like the bulls might be able to take advantage of the recent pounding only to see all of the early gains evaporate, and more. In some ways it's a two edged sword. On the one hand, sitting on the sidelines brings the risk of missing out on a substantial bounce, especially given the haircut the market has seen this past week. On the other hand, getting involved in stocks brings risk of being stopped out quickly as we have seen of late. This is why we need to continue to have tight, supportable stops in case a trade goes against us. In looking at the major indexes, they're close to oversold territory. But I'm starting to think that maybe we need one more good flush, perhaps to the 200 day moving average on the S&P which is currently at 2539. That's only 30 points from today's low. But it does represent an important technical support level, one that might catch the attention of a lot of technicians and trading Bots and could serve as an intermediate "cease fire" zone. We've got a weekend coming up so I imagine we might see traders easing in with caution; no one wants to wake up to deep red futures. And even if we wake up Monday to bright green futures it might not matter, witness today's action. So for the moment we'll remain extremely cautious, try to be in a position to participate when the reward to risk is as high as we might ask for, and preserve as much capital as possible in case we see another bout of selling which might be necessary to clear just about everyone out of the market. Companies reporting earnings Today (February 9) Before Market Opens CBOE, MCO and TEN After Market Closes: None Companies reporting earnings Monday (February 12) Before Market Opens: DO, FDC, HEINY and L After Market Closes: AMKR, DNB, G and LMNX ADDITIONS TO WATCH LIST We added SLB to the Watch List earlier this morning but it moved lower and hit our Intra Day stop of $66.30 so will be removed from the Watch List as a loss of 2%. 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 hit second entry of $22.45 the proceeded to move below our Intra Day stop of $22.20, resulting in a loss of just over 2%. DELETIONS FROM THE WATCH LIST CMC and SLB At your service, John Hopkins EarningsBeats