EB Watch List Update Report

Dear Members: Market Update: The market is holding in just fine here even with all of the major indexes lower. In fact the SPY, which is currently trading right near 280, is pretty much where the Market Makers would like to see it close tomorrow, while inflicting "Max Pain" on both put and call options holders. Earnings from some highly visible companies last night show mixed results with IBM higher by almost 3%, AXP lower by 2% and EBAY down by over 8% which goes to show you that traders really do care about earnings results. Speaking of earnings, tonight we'll hear from Microsoft, an $800 billion market cap company, and the reaction to their numbers does matter. I see today's bit of selling as a necessary rest after the NASDAQ hit another all time high on Tuesday and the S&P hitting levels not seen in many months. But make no mistake about it; the NASDAQ remains king of the hill which makes MSFT's numbers tonight important. The S&P got as high as 2816 yesterday so that is now the new key level of resistance. The S&P is still over 70 points off of its all time high so the bulls still have a lot of work to do to get the major indexes in sync. Bottom line at the moment: overall action remains positive. Reaction to upcoming earnings reports will play a big role in near term direction of the market. Must respect the bulls unless we see a momentum shift. Companies reporting earnings Today (July 19) Before Market Opens: BK, BBT, BX, DHR, DPZ, DOV, FITB, GPC, KEY, NUE, PM, PPG, SAP, SNA, SON, SYNT, TSM, TRV, UN, UNP and VLVLY After Market Closes: COF, ETFC, ISRG, MSFT, SKX and SWKS Companies reporting earnings tomorrow (July 20) Before Market Opens: BHGE, GE, GNTX, HON, KSU, MAN, NVR, SLB, SWK, STT and STI After Market Closes: None ADDITIONS TO WATCH LIST Will keep you posted on any new trade alerts BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List EXPD - Stock continues in the consolidation mode it has been in for a few weeks now and continues to be challenged by its 20/50 day moving averages. If this stock could close back above $74 that would be a very bullish sign. M - Stock got to within 2% of its price target this morning so we issued a trade alert at $38.72 so it will be removed from the Watch List. GREAT TRADE! Mid Cap Watch List None Small Cap Watch List PLAY - Stock has pulled back some after the nice move higher yesterday. A move above yesterday's high of $49.83 would be bullish. Deletions from Watch List M At your service, John Hopkins EarningsBeats