EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Tuesday: ADBE, FDS Wednesday: FDX, GIS, LEN, PIR, UNFI MARKET NOTE: The major indices are higher today, but being led mostly by defensive groups - so mixed signals. The NASDAQ has solid downside momentum in place, so the falling 20 hour EMA, currently at 4540, along with price resistance from 4545-4550 would be expected to keep the bulls at bay. But there is an FOMC announcement that's due tomorrow and we all know the Fed has been encouraging equity buyers. Also, there are a few earnings reports looming tonight and tomorrow that could have an impact, such as ADBE and FDX. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List: BIDU - Nice bounce off the 50 day SMA and in the middle of its gap support zone. CMG - Close to what should be solid gap support near 650.00. FDX - Gapped to a fresh new high this morning, but earnings are on deck for Wednesday. Therefore, WE ARE REMOVING FDX FROM OUR WATCH LIST AS WE DO NOT LIKE HOLDING STOCKS INTO EARNINGS REPORTS. PLL - A second test of the rising 20 day EMA today - looks good. Mid Cap Watch List: AMBA - Triggered all three entry points before reversing substantially today - up over 6% at last check. DSW - Rising nicely off its 20 day EMA. JACK - The recent bout of profit taking has sent JACK back to test price support at 62.00 with a second entry at the 20 day EMA not too far away. SNCR - Weakness today sent SNCR within just 20 cents of its initial entry point of 42.00. Small Cap Watch List: No comments at this time. DELETIONS FROM OUR WATCH LISTS: FDX is being removed at today's close because of it's upcoming earnings report on Wednesday. There are no other deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com