EB Watch List Update Report

Dear Members: Market Update: Finally we're getting some very much needed selling with all of the major indexes lower as traders book some profits. The selling was really necessary as a first step to entice sidelined money to put some capital to work. We might need even more selling to get more cash flowing into the market but buying on dips has been in vogue for a few months now. The VIX has settled down some after spiking earlier in the session but it's easy to see how quickly traders get nervous on any sign of selling. On both the NASDAQ and S&P we're seeing testing of both 20 and 200 day moving averages with the Dow dipping below its 20 day for the first time since the beginning of the year. Even with today's selling the market has enjoyed strong gains for the year. But we saw that 2817 level on the S&P was too tough to crack this time around, especially with the non-stop move higher going back to late December. Today's close will be important as it will test the bulls to see if they can rally back and at a minimum close the S&P above 2760, the 20 day moving average. Short of that the bears will argue that a near term top is in with lower prices coming. Today's low on the S&P of 2742 is now new near term support. Should that go 2722 would be next. Let's remember that we've got the non-farm payroll report coming out tomorrow morning which could either put more pressure on stocks or give the bulls something to work with, all depending on the results and reaction from traders. Companies reporting earnings today (March 7) Before Market Opens: BKS, HRB, IGT, KR and TECK After Market Closes COST and MRVL Companies reporting earnings tomorrow (March 8) Before Market Opens: , MTN After Market Closes: None ADDITIONS TO WATCH LIST We added VSH to the Watch List this morning with additional details below. Also as a reminder, we issued a long alert on JBHT yesterday with an initial entry price of on any pullback to $101.65. It got close but not quite there earlier in the session. If it reaches that level on a pullback it will be added to the Watch List. We 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 None Mid Cap Watch List COLM - Stock hit our second entry level at the 20 day ema. Note also that our stop is any CLOSE below the 20 day. Would like to see stock gain some momentum after the morning pullback to get some distance from the 20 day and minimally close above yesterday's close of $101.82. VSH - We added the stock to the Watch List this morning with an initial entry price of $20.32 and a second entry on any pullback to $19.95 with a price target of $22.65 and a stop of any close below the 50 day moving average. Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats