EB Watch List Update Report

Dear Members: Market Update The market isn't making it easy for anyone as it tries to recover some after yesterday's selling but remains technically broken. It's one of those times when many traders would just as soon see the market pullback hard to "get it out of the way" rather than watch bounces that have trouble holding. What had been buy on the dips for the past five months has now become selling on those bounces as traders have become defensive while remaining hostage to trade talks and continuing uncertainty and those out of the blue tweets that can turn sentiment around in seconds. Just yesterday the S&P got close to retesting the May 13 low of 2801 when buyers stepped in. So the bulls are going to work hard to hold the line while the bears are more confident that any mini rallies will be short-lived. Short of any quick resolution to the trade wars the market is likely to remain volatile while frustrating the longs and shorts alike. Accordingly it makes a lot of sense to be very selective here; no need to be "all-in" either on the long or short side. 2801 on the S&P remains key support and if that goes we're likely to see a quick trip to the 200 day moving average, currently at 2776. To the upside the bulls know they won't have a shot at taking stocks higher unless the S&P can clear its 50 day, currently at 2874 and with the market closed Monday we're likely to see a narrow trading range today. Companies reporting earnings today (May 24) Before Market Opens: FL After Market Closes None Companies reporting earnings Tuesday (May 28) Before Market Opens: BNS and BAH After Market Closes: WDAY 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 PVH - Stock is up slightly. A close back above $109.57 would be bullish. We'll keep our stop of any CLOSE below $106. Mid Cap Watch List None Small Cap Watch List MTOR - Stock is fairly flat. A close above $20.40 would be bullish. Deletions from Watch List None At your service, John Hopkins EarningsBeats