EB Watch List Update Report

Dear Members: Market Update: The bears have been begging for any reason to help them convince traders to take some profits. They got an assist today with comments that any the US and China are far off on any trade deal. Today will be a great test as day after day lately we've seen the market roar back on any selling. And now the S&P has pulled back to support near 2700; will that be enough? The bears will point to the fact that the bulls have a few opportunities to clear the 200 day moving average on the S&P and failed. It's a valid point. Without question it would be healthier if the market did pull back even more as it's run too much too soon. But then the bulls will say the move off the late December lows did nothing more than bring the major indexes back to levels they were at before the move lower that began in early December. As usual the answer likely lies somewhere in between. Yes the market has gotten overbought in the near term. And a move of over 16% from the bottom on the S&P has been a lot. But overall earnings surprised many market observers who had predicted a much weaker showing. That's actually good news because once any selling subsides traders are likely to gravitate back to those companies that made strong moves on their earnings reports. And better to get those stocks cheaper. For now we should watch and see if 2700 holds on the S&P. If not then 2678 is next with the 20 day currently at 2663, perhaps a level that will get the attention of those traders who have remained on the sidelines. Companies reporting earnings today (February 7) Before Market Opens: CAH, DTE, DNKN, FCAU, GRA, GRUB, HBI, ICE, K, LH, MPC, MAS, PAG, PM, SNA, TTM, TMUS, TWTR, TSN, and YUM After Market Closes EXPE, FISV, G, IAC, MHK, MSI, NWSA, PRI, SKX, TDC, VRSN and WU Companies reporting earnings tomorrow (February 8) Before Market Opens: CBOE, EEFT, EXC, GT, HAS, PSX and RDN After Market Closes: None ADDITIONS TO WATCH LIST Will keep you posted on any additions to the Watch List. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List None Mid Cap Watch List None Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats