EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Thursday: CAG, CTAS, ORCL, RAD, RHAT Friday: None MARKET NOTE: The FOMC announcement came yesterday at 2pm EST and, more than anything else, the market simply felt relief as the VIX has continued to tumble. That lack of expected volatility has the bulls back in charge as banks ($DJUSBK) attempt a potentially defining breakout today above 319-320. History and a few intermarket relationships tell us to continue to be cautious, but many current technical signs are pointing to higher prices. In my opinion, the long side is most likely the best side to be on, but continue to be patient to find stocks at or near price support - and please maintain your stops. 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: CMG - Beautiful candle on Wednesday, holding the top of gap support. Now we're seeing the technical bounce. HSP - Held support as the overall market struggled, now moving higher once again. PLL - Up just fractionally, but the technical behavior here remains bullish off the successful 20 day EMA test. Mid Cap Watch List: AMBA - Up 6.5% today on very heavy volume after triggering all of our entry points. Now up more than 15% off Tuesday's open, triggering our Target of 40.00. Consider taking at least partial profits. We'll keep AMBA on our Watch List and look for re-entry opportunities in the days ahead. GREAT TRADE!!! JACK - Tested its recent candlebody high of 63.58 this morning. May need more volume to confirm next breakout. SNCR - Very nice reversal off 42.00 support on Wednesday. Small Cap Watch List: No comments 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