EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Thursday: FDO, RAD Friday: FAST, WFC MARKET NOTE: Yesterday it was frustrating to have few Watch List stocks because the market was so strong. Today, however, we're glad we've kept it small. The whipsaw action continues with significant price support on the S&P 500 from 1835-1840 being tested. Failure to hold such support will make equities much more vulnerable to further selling so be careful please. At last check, the NASDAQ was down over 100 points. To be honest, I'm shocked more of our Watch List stocks haven't stopped out. Strong overall fundamentals are holding many of them above closing stop levels. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: SJM - 95.69 is closing support. Loss of that level likely to lead to more technical selling near-term. Large Cap Watch List: COO - Our Closing Stop is 127.50, which we'll honor. It's trading near that level currently. MCO - Trading in its gap support zone with Second and Final Entry at 76.50 about 1% away. Mid Cap Watch List: ATK - As expected, rallying off 50 day SMA support. Nice action on a technically-healthy stock. GMT - Bouncing to test 20 day EMA resistance from underneath, but with that long-term negative divergence in play, I would not be expecting a successful break through. Small Cap Watch List: PLOW - Bucking the bearish trend today, actually rising back toward the upper end of its recent 16.50-17.60 trading range. Strong relative action. DELETIONS FROM OUR WATCH LISTS: There are no additional deletions today unless Closing Stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com