EB Watch List Update Report

Dear Members: Market Update You have to go back to the very beginning of January to see the VIX higher than it was earlier today with all of the major indexes lower. Any way you cut it traders are spooked here with all of the major indexes back below their respective 20 and 50 day moving averages. The market has been overdue for a decent pullback for a while now; just a week ago both the S&P and NASDAQ were at all time highs with barely a pullback for months. In other words, it's about time. Even now we're looking at a 4% pullback in the S&P after a 26% rise from last December's bottom; the bulls would take that all day long. However, the market is more vulnerable now with the technical advantage having shifted to the bears. What could change that? Some buying on the dip with the S&P closing back above 2860, hardly impossible, based on recent behavior of traders on substantial pullbacks. Still makes sense to be very picky here just in case the selling picks up. Next key level of support on the S&P is right near 2800. The afternoon should be interesting. Companies reporting earnings today (May 9) Before Market Opens: CAH, LNG, CHH, DUK, FWONA, NCLH, TU and TTD After Market Closes AGO, CABO, EFX, NWSA, SYMC, VALE, YELP and ZG Companies reporting earnings tomorrow (May 10) Before Market Opens: MAR, TRCO AND VIA After Market Closes: None ADDITIONS TO WATCH LIST We added MSFT to the Watch List this morning with additional details below. 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 MSFT - Stock was added to the Watch List this morning at an initial entry price of $123.75 with a second entry on any pullback to $120, a price target of $131 and a stop of any CLOSE below the 50 day moving average. Mid Cap Watch List SAIC - Stock is down slightly and a close above $76.41 would be bullish. Small Cap Watch List MTOR - Stock is lower by 2.85%. As a reminder the stop is any CLOSE below the 50 day moving average, currently at $22.24. If it closes below that level it will be removed from the Watch List. Deletions from Watch List None At your service, John Hopkins EarningsBeats