EB Watch List Update Report

Dear Members: Market Update: For a very long time now whenever the NASDAQ or S&P has touched a key support level it has bounced right on cue which has been very satisfying to the bulls. We've seen this the past week on the NASDAQ with stocks bouncing off of the 50 day moving average. However we are also starting to see pull backs whenever the NASDAQ or S&P touch key resistance levels. In fact the trading range is narrowing on the S&P as the 20 day has started to curl down towards the 50 day showing weakness building. At the same time the VIX is very volatile, ready to jump or pullback on a moment's notice, depending on the mood of traders on any particular day. What this mostly does is keep stocks trapped in tight ranges as well; very tough to breakout but shielded to some degree from completely breaking down. What could make this tricky trading environment change? First, there's the all important jobs report coming out Friday. That report is easily capable of deciding the near term direction of the market, especially if it misses in a big way either higher or lower. But I think the big game change could be upcoming earnings which will start to come out in droves staring next week. For sure expectations are high but have been lowered some recently. But if the market starts to detect a pattern - either positive or negative - THAT could for sure move the market. So for now we should expect some of the same with the bulls not ready to lay down and the bears having to work hard to gain the momentum. In the meantime unless the S&P clears its 20 day - currently at 2737 - with some gusto expect the same back and forth we've seen lately. Companies reporting earnings Today (July 3) Before Market Opens: AYI After Market Closes: NONE Companies reporting earnings Thursday (July 5) Before Market Opens: NONE After Market Closes: None ADDITIONS TO WATCH LIST Please note that we will be updating the Candidate Tracker later in the week and will keep you posted. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List EXPD - Stock is down slightly as it was rejected right at its 20 day moving average from below. A close above that level, currently at $73.90 would be very bullish. Mid Cap Watch List GDOT - Stock made a nice move earlier through its 20 day moving average and has pulled back some since. Would like to see some strength into the close to keep the momentum going and a close above $75.96 would be very bullish. Small Cap Watch List PLAB - Stock is up slightly and a close above $8.10 would be bullish. Deletions from Watch List None Happy 4th of July! At your service, John Hopkins EarningsBeats