EB Watch List Update Report

Dear Members: Market Update: The bulls have had control of the action for over two months now but have not been able to administer a knockout punch with all of the major indexes higher but going nowhere fast. The S&P is pretty much where it was when it closed at 2784 on October 10, 2018, just at it began its fall from its all time high. And its yet to move back above key resistance near 2815 in spite of very positive responses to a lot of companies that beat earnings expectations. Maybe one positive sign that shows the bullish momentum since the late December bottom might continue is the 20 day moving average crossing back above the 200 day on the S&P for the first time since early October. We saw something similar happen on the Dow in mid February and just over a week later it had risen 3%. Also worth pointing out; there are a lot of stocks that did gap up sharply on strong earnings and have continued to rise with barely a pullback. A prime example is Boeing which reported earnings at the end of January, gapped up sharply and over the past month has risen almost 24% with virtually no pullback. Technically its been overbought for the entire month of February yet no one wants to sell the stock. There are many other example as well with the point being that at some point (soon?) traders are likely to cash in some chips. Bottom line is we've got an extended market at the moment which is why the bulls are having a hard time taking the market higher. We remain in a range of 2816 to the upside and 2748 to the downside on the S&P. It still makes sense to focus on those stocks that beat earnings - especially those that have pulled back close to key support - but one has to ask how much more fuel is left in the tank? Companies reporting earnings today (March 1) Before Market Opens: FL and TRCO After Market Closes None Companies reporting earnings Monday (March 4) Before Market Opens: , None After Market Closes: CRM ADDITIONS TO WATCH LIST We added COLM to the Watch yesterday with additional details below BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List COLM - Stock was added to the Watch List yesterday at an initial entry price of $103.36 with a second entry on any pullback to the 20 day moving average, with a price target of $110 and a stop of any CLOSE below the 20 day. Today it's higher by 1.7% and a close back above $105.29 would be bullish. Mid Cap Watch List None Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats