EB Watch List Update Report

Dear Members: Market Update: So the question of the day is this; will one day of selling like we saw yesterday on the NASDAQ do the trick? I suppose its possible but the run in the NASDAQ has been so swift that there's still plenty of room for additional profit taking. Consider this. The NASDAQ moved higher by 1000 points from the February 9 bottom to yesterday's high of 7637. That represents a 15% move higher in a month which was simply too much. But yesterday's selling cost the bulls just over 1% which isn't much after a 15% run higher. Many technicians would say that a 50% retracement of that kind of move would be reasonable. Perhaps that would be too much in today's market environment but it shows that a few more percent to the downside to help relieve the overbought oscillators would certainly not be excessive. The NASDAQ got as low as 7492 yesterday so that's the first area of support followed by 7469. That 7469 level is important as a move below that level could bring the 20 day moving average into play which would take the NASDAQ down to 7365 which seems completely plausible. Of course the bulls could always do what they do when the chips are down, jump back in on any further pullbacks. But it would be much healthier if we got more selling as it might get traders more excited that they could get stocks cheaper. Bottom line is that it's a good time to err on the side of caution. We only have one active trade alert at the moment and there's a reason for that; the overall reward to risk isn't high enough to get aggressive. Hopefully that will come later and we'll make some nice scores. Companies reporting earnings Today (March 14) Before Market Opens: ICON, SIG and VRA After Market Closes: SMRT, TLRD, TDW and WSM Companies reporting earnings tomorrow (March 15) Before Market Opens: DG After Market Closes: ADBE, AVID, AVGO, KODK, JBL, OSTK and REV ADDITIONS TO WATCH LIST Will keep you posted if any new alerts. 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 CHS - Stock is down by almost 1%. As a reminder our stop is any CLOSE below the 200 day moving average, currently at $8.66. Deletions from Watch List None At your service, John Hopkins EarningsBeats