EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Friday: EL Monday: HTZ, SCCO, URBN MARKET NOTE: Economists raised the Q3 GDP consensus forecast and the market rallied on the news in the first hour. More news on the Ukrainian conflict, however, tempered that early enthusiasm and the market has been in reversal mode ever since. Failure to hold onto 20 day EMAs into today's close with bearish candlesticks would likely be followed by more weakness early next week so prepare yourself accordingly. I'm very comfortable with few stocks on our Watch List as we've entered a transitional "whip saw" phase of the market. Bulls are trying to demonstrate that the bull market lives on, while bears have finally gotten the upper hand lately and don't want to relinquish it. I still believe we move lower over the next 6 weeks, possibly longer. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: MTW - Remains in a short-term uptrend, but has longer-term issues. The 20 day EMA test, should MTW get there, will be the first major test for the bulls. PVA - Bear flag is in play here so I'm expecting another push to the downside sooner rather than later. Large Cap Watch List: FDX - Potential reversing candle printing today. If the market is weak next week, FDX could easily move back down towards 145.50-147.50 support. Mid Cap Watch List: There are no Mid Cap Watch List stocks at this time. 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