EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Wednesday: ATU, FDX, JBL Thursday: BBRY, IHS, KR, ORCL, PIR, RAD, TIBX MARKET NOTE: It's been a relatively quiet day as there have been no economic reports and very little movement in our major indices. Traders appear to be content to wait on the FOMC announcement, scheduled for 2pm EST this afternoon, before committing any further to this rally. Technicals favor the bulls currently while max pain-related option activity and historical tendencies favor the bears. We'll know more after 2pm so stay on your toes. ADDITIONS TO WATCH LISTS: We are adding FedEx (FDX) to our Large Cap Watch List. FDX currently has a market cap of $43.5 billion. We like entry at the current price (147.00) and again at the rising 20 day EMA (currently at 141.50). Our closing stop will be below 140.00, while our target price is 160.00. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: ARG - Has once again reversed quickly to the upside, back at the 109.00 level. We'd continue to keep a Closing Stop above 109.75. Large Cap Watch List: CNP - I'd expect to see this one test price resistance at 25.00 sooner rather than later. FLEX - Gapped down to approach the 20 day EMA that I discussed using as an entry (or re-entry) point. FLEX has bounced nicely since. It's probably nothing more than a short-term trading vehicle now as it could use a period of consolidation after its recent parabolic move higher. HSP - Like FLEX, could use a period of consolidation where the rising 20 day EMA provides support. Mid Cap Watch List: WTW - Down nearly 2% today on light volume as the rising 20 day EMA approaches. I'd look for support there. Small Cap Watch List: There are no Small Cap Watch List stocks at this time. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com