EB Watch List Update Report

Dear Members: Market Update If you tend to the bullish side you are always looking for opportune times to enter positions and where reward to risk is to the upside. Today will be a great test to see if the bulls are paying attention with all of the major indexes lower and with both the NASDAQ and S&P testing their respective 200 day moving averages since early March. Both the NASDAQ and S&P are now in oversold territory with stochastics in single digits and RSI's near 30. And the Dow remains the weakest of the major indexes as it moves below its 200 day. You can see the difference in this current market environment compared to the first five months of the year when traders were ready, willing and able to gobble up stocks on pullbacks. Now traders are very hesitant to go long with the VIX back above 18 and above all key technical levels giving the bears something to work with. The bulls will argue that the selling has been overdone and they could be right. And if you're going to take risks in the market it makes sense to do so when you near key support levels like we're seeing on the NASDAQ and S&P. Right now the 200 day on the S&P is at 2777 and it got within a point of that level early on. If it closes below that level then we could see more selling. To the upside the high on the S&P the past three sessions has been right near 2840 so that's now resistance. Bottom line: it might not be a bad time to nibble here with tight stops just in case the bulls are unable to hold key technical support. Companies reporting earnings today (May 29) Before Market Opens: ANF, BMO and DKS After Market Closes PANW, PVY, SMTC and VEEV Companies reporting earnings tomorrow (May 30) Before Market Opens: DG, DLTR and TECD After Market Closes: COO, COST, DELL, GPS, MRVL, UBER, ULTA, VMW and WSM ADDITIONS TO WATCH LIST We added OMC to the Watch List this morning with additional details below. Also we sent out an alert on MSFT that will only become an active alert if it pulls back to $123.80. 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 closed below our CLOSING stop of $106 yesterday so is being removed from the Watch List. OMC - We added this stock this morning at an entry price of $77.36 with a price target of $84 and a stop of any CLOSE below $76.40. A close back above the 20 day moving average, currently at $78.98, would be bullish. None Small Cap Watch List MTOR - Stock is up slightly and a close above $20.88 would be bullish. Deletions from Watch List PVH At your service, John Hopkins EarningsBeats