EB Watch List Update Report

Dear Members: Market Update New near term lows with a VIX up 28% have traders spooked as we begin a new trading day and week. Pick whatever reason you want for the selling, all of the major indexes are down well over 2% with the NASDAQ down over 3% while the Dow is now below all key technical levels. So where do things stand now on the S&P relative to the late December low? The S&P remains 20% over that bottom and 4.6% off the recent all time high. Of course the bulls would prefer the market didn't give up any of the monster gains over the past 5 months but as we've seen that is unrealistic. But here we are again, yet another ample opportunity for traders to jump in on this big dip. The bears will argue this time is different with the US and China back peddling on any trade deal. But the cat is out of the bag now; the optimism that was apparent on the hopes of some type of deal has now evaporated. So what's next? The S&P got as low as 2812 today with the next key level of support near 2800 and below that the 200 day, currently at 2775. Should we get back to the 200 day that could be a level where traders could become re-attracted to stocks. In the meantime 2862 is now important resistance and a close back above that level after the early selling would have to be seen as positive. Companies reporting earnings today (May 13) Before Market Opens: None After Market Closes LM and TTWO Companies reporting earnings tomorrow (May 14) Before Market Opens: RL After Market Closes: A and MOS ADDITIONS TO WATCH LIST We will be updating the Strong Earnings ChartList/Candidate Tracker today and will notify you when it is available. 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 MSFT - Stock is lower by 2.6%. Would like to see it close back above its 20 day moving average, currently at $125.26. Mid Cap Watch List SAIC - Stock is down by 3.5% as it has moved back to original entry territory. As a reminder the second entry is any pullback to $72. New near term resistance is Friday's high of $76.89. Small Cap Watch List MTOR - Stock closed below $22 on Friday so has been removed from the Watch List. Deletions from Watch List MTOR At your service, John Hopkins EarningsBeats