EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Wednesday: APOL, BBBY, GIS, MON Thursday: ACN, CAG, LEN, MKC, NKE, SCHN MARKET NOTE: Yesterday's economic news, especially relating to housing, was awesome and we saw the housing stocks approach breakout territory. A day later, the economic news is bleak as Q1 GDP was revised down to -2.9%!!! This was well below ANY estimate. It's spooked traders in that the 10 year treasury yield is threatening to push to new June lows, which is the result of treasury buying. This is defensive posturing on the part of traders. Yet once again, this has had little impact on the equity market where we've seen gains throughout much of the day. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: PRGO - Closed on our Closing Stop of 145.00 on Tuesday. It has risen about 1% above that level today. Unless we see a reversal into today's close, we'd cover and take a small loss. LL - Will this one ever catch a bid? Large Cap Watch List: CNP - Hasn't broken out yet, but has traded very well on a relative basis recently - bullish. FDX - Setting fresh new highs again with momentum (daily MACD) gaining strength. JWN - Resting squarely on its 20 day EMA. NVDA - Volume trends have weakened in the near-term, but long-term price support is fine. Mid Cap Watch List: GRPN - Nearly triggered our Second Entry at 6.40 this morning before rallying. Appears as though it's being accumulated. WTW - Really would prefer this one back above its moving averages. Small Cap Watch List: MTRX - Attempting to hang onto neckline support currently. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com