EB Watch List Update Report

Dear Members: Market Update The month of May was rough on the bulls and now June started off on a sour note as we begin a new trading day, week and month. Tech stocks in particular remain out of favor with the NASDAQ getting within striking range of key support at 7332 the March 8 low. Worth mentioning is the NASDAQ has now pulled back nearly 10% from the recent all time high. That's a decent correction and especially coming as it got fairly close to that key support level earlier this morning. The bulls know they need to work overtime to get traders back in on the long side in any meaningful way with all of the major indexes remaining below all key technical levels and with the bears firmly in control. This week brings with it the always important jobs data starting with ADP's report on Wednesday then the government non-farm payroll report on Friday. Traders always care about the jobs numbers and the market almost always moves in one way or another when the results are released so perhaps we'll need to wait until the report comes out before seeing any additional, meaningful moves in the market, short of any out of the blue news/developments that could shake things up. The S&P got as low as 2738 this morning so that is now new support. To the upside at a bare minimum the bulls know they need to get the S&P back above its 200 day, currently at 2775. Anything short of that leaves the market vulnerable to additional selling. Companies reporting earnings today (June 3) Before Market Opens: None After Market Closes None Companies reporting earnings tomorrow (June 4) Before Market Opens: CBRL, DCI, NAV and TIF After Market Closes: CRM, GWRE and PVTL ADDITIONS TO WATCH LIST MSFT hit our entry level and became active this morning with additional information below. 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 OMC - Stock is fairly flat as it continues to struggle to clear its 50 day moving average,currently at $77.77. Really needs to close above that level to get back on track. MSFT - Stock hit our entry level of $123.20 this morning so has been added to the Watch List. Would like to see it close back above its 50 day, currently at $123.36 which would be bullish. As a reminder we have a stop of any CLOSE below $122.90. If it closes below that level it will be removed from the Watch List. Small Cap Watch List MTOR - Stock is higher by 1.6% and a close back above $20.92 would be very bullish. Deletions from Watch List None At your service, John Hopkins EarningsBeats