EB Watch List Update Report

Dear Members: Market Update: So will the third time be a charm? It might be with all of the major indexes higher for the third morning in a row and traders wondering if this will be the day that gains actually hold. The VIX is down by almost 10% again today so showing once again at least a bit less worry. In addition bond yields have pulled off of the highs of yesterday when the 10 year treasury note got close to 3% for the first time in quite a while. At the moment the S&P is back above all key technical levels, also something we saw the past few sessions. We can see that the bulls are not giving up easily here. In some ways the strategy is fairly simple; as long as the S&P remains above all key technical levels the odds increase that the worst of the selling is over. On the other hand a close below those levels could spell more trouble. To be more specific, the S&P needs to close back above 2730, close to where it is right now. So it's not like the market is tipping its hand here; it's tight. But I do like the resiliency the bulls are showing here as they could have folded the past few sessions. It's still a time to be lighter than usual, maybe fewer shares and above all, tight, defensible stops with the protection of capital top priority. Bottomline: the market is not out of the woods yet but maybe in a position to make some progress in the near term. And remember the S&P still needs to clear 2763 with the next key resistance then near 2800. Any close below 2719 would favor the bears. Companies reporting earnings Today (February 22) Before Market Opens CHK, CVEO, HRL, IDCC, NEM, NCLH, SAGE, SSTK, TNC, TTC, VC, W and ZBRA After Market Closes: AGO, BMRN, EIX, FSLR, GDDY, HLF, HPE, HPQ, INTU, PLNT and RDFN Companies reporting earnings Tuesday (February 23) Before Market Opens: HUN, KBR, RY and USM After Market Closes: None ADDITIONS TO WATCH LIST We added SNAP to the Watch List this morning with more details below BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None at this time LONGS: Large Cap Watch List SNAP - We added SNAP to the Watch List this morning at an entry price of $17.39 with a price target of $19.80 and a stop of any INTRA DAY move below $16.95. For sure would like to see it close above its 20 day moving average, currently at $17.35. Just make sure you keep your stop in place in case the trade goes against us. Mid Cap Watch List None Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats