EB Watch List Update Report

Dear Members. This is an abbreviated report today as we are on Hurricane Watch and I wanted to get something out early just in case we lose power. Also to let everyone know that I plan on issuing a report tomorrow but will play it by ear. It turns out there's not a lot to report today. Yes the market is higher but going nowhere fast as the S&P trades between its 20 and 50 day moving averages; no major breakout and no major breakdown. The bulls will argue that this is actually positive action given everything that's been thrown at the market lately. And in some ways they make a good point. The bears will point to the fact that the market has been unable to gain any traction since they gained technical control. Also a good argument. Which leads to the fact that it's pretty much a stalemate right now. What might change things? First, the VIX remains too high; those who are long are ready to bail at a moments notice. Next, both the NASDAQ and S&P need to CLOSE above their respective 50 day moving averages, 8042 and 2943, respectively, as that would shift the technical advantage back to the bulls. To the downside the S&P got as low as 2891 yesterday which also happens to be below the 20 day. Should that go then we could possibly see a revisit in the 2850-60 range. So it still makes a lot of sense to lay low here until something gives. That's it for today. At your service, John Hopkins EarningsBeats.com Better Timing. Better Trades.