EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Tuesday: APOL, FNMA Wednesday: AYI, MON MARKET NOTE: The bond market seems to be waiting on Friday's jobs report before determining which way bond prices are likely to head. That will also likely have a big impact on the direction of equity prices as well. We were set up technically for upside action this week, but our intermediate-term direction will likely be determined by Friday's report and the health of first quarter earnings. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: SJM - A close above 98.00-98.50 would be more bullish, while failure to do so with fresh lows would likely suggest the downtrend is continuing. Large Cap Watch List: COO - Hit our Target Price of 139.00 in just two days! Great trade!!! COO remains on our Watch List and we would consider re-entry at the 20 day EMA, currently at 133.65. FFIV - Bouncing nicely off the 102-106 support zone mentioned recently. ROC - Failed on its first test of 75.50, which represents short-term price resistance and the declining 20 day EMA. UA - Looking to reset its daily MACD back near centerline support. That's likely to coincide with a 50 day SMA test. At least the reward to risk would really begin to improve at that moving average. VIPS - Exploding higher (12-13%) since being added to Watch List two days ago. Don't hesitate to book profits along the way. Mid Cap Watch List: ATK - Overall looks quite bullish, but more volume on yesterday's close above 140 would have been better news for the bulls. I'd look for the rising 20 day EMA to provide solid support on any test. KFY - Returning to test previous highs. MACD and volume trends on this one are solid. YY - Very bullish action, rising about 8% in just two days since being added to our Watch List. Three week downtrend line apparently being broken with today's move higher. Looks great, but don't hesitate to take at least partial profits. Small Cap Watch List: PLOW - Monday's advance accompanied by increasing volume - a good sign. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless Closing Stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com