EB Watch List Update Report

Dear Members: Market Update: More earnings out this morning from JPM, WFC and JNJ with mixed results as the Dow hits another all time high as traders remain attracted to blue chip stocks. The Dow was overbought coming in to today's session and remains overbought with stochastics right near 99; they don't get higher than that. And the RSI remains near 75; technically overbought. In other words, very difficult to jump in at this point when the Dow is at the uppermost end of stretched. Everyone knows that in a raging bull market stocks can remain overbought for an extended period of time and with earnings season ready to kick into high gear we could see prices even higher, especially if expectations are exceeded. Tomorrow before the bell we're going to hear from a number of multi-billion market cap companies and then after the bell we're going to hear from one of the FANG stocks as Netflix posts its numbers. IBM will post its numbers as well. These are highly visible companies that could help to set the early tone for the overall market. Bottom line at the moment is stocks are hot, earnings are about to come out in droves, and the market is stretched. It's a good time to be very selective, let a bunch of companies report their earnings, watch to see which ones get a positive response and then patiently wait for pullbacks to levels that can produce high reward to risk opportunities. Companies reporting earnings today (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 Companies reporting earnings tomorrow (July 16) Before Market Opens: ABT, ASML, BAC, BK, CMA, ERIC, OMC, PNC, PGR, TXT, USB and WIT After Market Closes: AA, CCI, CCK, EBAY, IBM, KMI, NFLX, SLG and URI ADDITIONS TO WATCH LIST PLEASE NOTE. We sent a separate email to all members today that the Strong Earnings ChartList has been updated. As a reminder 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