EB Watch List Update Report

Dear Members: Market Update: Citigroup posted its earnings before the opening bell this morning with the stock higher after pulling back some earlier in the session and thus, earnings season is now underway as we begin a new trading day and week. Citigroup itself is not going to dictate market direction; that will come when more companies start to post their numbers over the next several weeks. In fact later this week we'll hear from some highly visible companies such as JPM, JNJ, IBM, Microsoft and Netflix, just to name a few. Is the market overbought here? Technically, yes, especially the Dow with stochastics of 99 and a RSI near 75. It doesn't mean prices can't go higher; it does mean that there's a decent chance we'll see some type of pullback before long or at the least it could become more difficult for the market to advance substantially without some pause. The S&P got as high as 3017 today so that is now the new level of resistance. It's never been higher so no telling what could be next but 3025 seems like a reasonable level for the bulls to aim for. To the downside 3000 should provide support with the 20 day moving average near 2960 the first key level of technical support. Companies reporting earnings today (July 15) Before Market Opens: C After Market Closes JBHT and WTFC Companies reporting earnings tomorrow (July 16) Before Market Opens: CP, CBSH, DPZ, FHN, FRC, GS, JPM, JNJ, PLD, SNV and WFC After Market Closes: CTAS, CSX, FNF, IBKR, PNFP, SGEN and UAL ADDITIONS TO WATCH LIST PLEASE NOTE. We are in the process of updating our Strong Earnings ChartList that should be completed by tomorrow. A lot of stocks on the existing list of 280 stocks will be removed because many will be reporting earnings soon so keep that in mind as you search for trading candidates. In addition we will be adding a lot of stocks over the next several weeks as more earnings reports are released. Note also that we have changed the link on the site under the Members section from the old Candidate Tracker to Chart Lists. That will take you to the Strong Earnings ChartList. We will keep you posted on any new additions to the Watch List. The market is stretched here so we need to be selective - i.e., wouldn't mind getting stocks cheaper. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List None Medium Cap Watch List PRSP - Stock continues to consolidate and a close back above $24.35 would be bullish. Small Cap Watch List None Deletions from Watch List At your service, John Hopkins EarningsBeats