EB Watch List Update Report

Dear Members: Market Update: Once again the bulls are hoping to take the S&P up a notch but seeing that it's not an easy task with the 2800+ level remaining a challenge. The NASDAQ continues to show strength, wiping out earlier losses and moving into green territory in spite of Netflix's earnings miss after the bell yesterday. The VIX looked like it might add on some points earlier in the session only to reverse as trader confidence built as the morning progressed. The earnings parade is just getting underway as thousands of companies will post their numbers over the next several weeks. Clearly expectations are high which is why we've seen the NASDAQ near record high territory and the S&P itching to break out. But, with the S&P within 5 points of very important resistance, it's worth waiting to see if it does actually clear that 2808 level. It's been unable to do that the past 3 sessions and if it continues to fall short you'll start to hear traders wondering if a near term top is in. On the other hand if the bulls can move the S&P above a level not seen in over 5 months that could lead to higher prices. Bottom line at the moment is to continue to be patient before getting too aggressive on the long side. It's still proving to be difficult to score big on individual trades; it's a good time to let more companies report their numbers and wait for those that get a strong response to pull back to high reward to risk levels. Companies reporting earnings Today (July 17) Before Market Opens: CMA, GS, JNJ, MBWM, PGR, SCHW and UNH After Market Closes: ADTN, CSX, HWC, PNFP and UAL Companies reporting earnings tomorrow (July 18) Before Market Opens: ABT, ERIC, GWW, MTB, MTG, MS, NTRS, NVS, TXT and USB After Market Closes: AA, AXP, EBAY, IBM, KMI and URI ADDITIONS TO WATCH LIST Will keep you posted on any new additions to the Watch List. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List EXPD - This has become a frustrating stock and now it's back below both its 20 and 50 day moving averages. We'll continue to keep it on the Watch List for now with a stop of any INTRA DAY move below $70.70 and see if it can strengthen before it stops out. M - Stock is back above its 20 day moving average but not by much. Would like to see it close above $37.50 which would be bullish. Mid Cap Watch List None Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats