EB Watch List Update Report

John Hopkins - March 01, 2018

Dear Members: Market Update: Volatility remains center stage as we begin a new trading month with the VIX back above all key technical levels as traders continue to try and figure out the near term direction of the market. So far both the Dow and S&P are back below their respective 20 and 50 day moving averages, giving the bears something to work with. In my update yesterday I pointed to support on the S&P near 2700. Today it touched 2699 before bouncing some. But so far the bounce has been unconvincing; traders are being more careful with their capital, as they should be. Only the NASDAQ remains above all key technical levels although it did dip below its 20 day earlier in the session. In my opinion, this stubbornness in the tech sector is actually hurting the market; i.e., if the market is going to sell off to get traders re-interested in going long, tech stocks need to go for the ride lower as well. One thing I have noticed lately is stocks that are getting hammered after reporting earnings if there's any miss or hint of lower expectations going forward. In other words, there's zero tolerance for those companies that miss expectations which is adding to overall weakness. Bottom line at the moment is to continue to be patient and see if stocks can get even cheaper. If the S&P closes below 2700 the chances for more selling increase. Companies reporting earnings Today (March 1) Before Market Opens AMC, BUD, BKS, BBY, CABO, IEP, KSS, NRG, PDCO, PF, BID, TD, TRCO, After Market Closes: AEGN, AMBC, TWNK, LB, LQ, MNST, MYL, CRM, SGMS and UHS Companies reporting earnings tomorrow (March 2) Before Market Opens: FL and JCP After Market Closes: None ADDITIONS TO WATCH LIST Will continue to be very selective 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 INVA - Stock is higher by almost 3% as it goes against the market grain. A close above $16 would be bullish. Deletions from Watch List None At your service, John Hopkins EarningsBeats