EB Watch List Update Report

Dear Members: Market Update: The headline this morning is the economy is "likely to slow sharply" yet the bulls aren't fazed one bit with all of the major indexes higher. Trader confidence is on the high end of the spectrum with the VIX continuing to put in lower lows with complacency quite evident as both the NASDAQ and S&P move into overbought territory and just before the Fed makes its interest rate announcement. Of course thoughts of the Fed raising rates further this year are long gone and unless they do an about face tomorrow traders will continue operating under a low rate environment. Though the market is well off session highs that doesn't necessarily mean much. Instead we continue to see any dips used as an opportunity to cover shorts or to take on new positions. The S&P got as high as 2846 this morning so that's our new level of resistance. To the downside the first level of support is likely to be near 2800. Bottom line at the moment; the bulls are squarely in control. Still, it makes sense to watch for any sudden reversal with traders in a mindset that the only way for stocks to go here is higher. Companies reporting earnings today (March 19) Before Market Opens: None After Market Closes FDX Companies reporting earnings tomorrow (March 20) Before Market Opens: , GIS After Market Closes: MU and WSM ADDITIONS TO 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 None Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats