EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Wednesday: BA, BIIB, CTXS, DAL, DOW, EMC, FB, FCX, FFIV, GD, GILD, ILMN, NOC, NSC, PEP, QCOM, T, TRIP, TSCO, WFT, WHR Thursday: AAL, ALTR, AMZN, BIDU, BMY, CAT, CELG, DECK, DHI, ECA, F, FLEX, GM, KLAC, LLY, LUV, MMM, MTD, NOK, PHM, POT, RTN, SBUX, UA, UNP, V, VRSN MARKET NOTE: Apple (AAPL) and Microsoft (MSFT) reported earnings last night after the bell and both have received a warm response from traders. Tonight, Facebook (FB) reports and its shareholders hope to receive the same response. An open tomorrow morning above 72.50 would be a bullish first step for FB. The S&P 500 is flirting with another all-time high close. Its previous record was 1985.44 and, at last check, it was trading a couple points above that level. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: No significant technical developments today. Large Cap Watch List: FLEX - Has moved within a dime of price resistance at 11.35. This one looks to move higher, but first must clear this resistance. Because they report their earnings Thursday after the bell, WE ARE REMOVING FLEX FROM OUR WATCH LIST. It's been a great performer. HSP - Volume today is fairly heavy, but we're in the middle of a trading range so it really doesn't concern me. JWN - Starting to rally slightly after the recent pullback to unwind overbought conditions and a long-term negative divergence. NVDA - Selling off on increasing volume, no doubt being hindered by a very weak semiconductor industry group. I still like NVDA and consider a further drop to 17.50 to be a solid 2nd Entry (or initial entry for those interested, but not in). Mid Cap Watch List: GRPN - Hovering near a key support zone. We have a Closing Stop at 6.20, but there's also gap support at 6.00 from June 12th for those wanting to provide a bit more room. PAY - After gaining past three days, we're seeing some profit taking. I would expect 34.80-35.00 to hold on further selling. WTW - Closed above its 20 day EMA on Tuesday, a short-term bullish development. Giving back some of those gains today, however, as WTW rests almost squarely on that 20 day EMA. Small Cap Watch List: There are no Small Cap Watch List stocks at this time. DELETIONS FROM OUR WATCH LISTS: We are removing FLEX as they report their latest quarterly results after the bell on Thursday. There are no other deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com