EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Friday: None Monday: AZO MARKET NOTE: The Dow Jones and S&P 500 made breakouts yet again this morning, but the NASDAQ has not confirmed this with a breakout of its own. We need to see a close on the NASDAQ above 4610. Today's intraday high hit 4610, but you can see that sellers have pounded the NASDAQ today since that test. Next week is historically VERY weak so I wouldn't be surprised to see profit takers rule the week with more potential opportunities setting up after that on the long side - so long as we don't see any major technical damage during any bout of selling. 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 of more than 20 bucks off this week's earlier low. Failure to break above 230.00 not surprising as the obvious 210-230 trading range continues to evolve. NTAP - Bearish engulfing candle forming today? There's a long-term negative divergence in play, so if this reversing candle holds into the close, the odds increase of a 50 day SMA test in the days ahead, good news for those of us waiting on a pullback to enter. Mid Cap Watch List: AMBA - If all entries were strictly followed and the target taken advantage of, AMBA just posted more than a 15% gain for EB.com members, which is awesome over just a three day period. We would now re-establish entry points at the rising 20 day EMA, currently at 35.96, and again at 33.65. JACK - Gapped above 63.58 closing price resistance at today's open, but is now beneath it. The daily MACD is quite strong so I'd expect the rising 20 day EMA to hold on any further selling. Small Cap Watch List: NX - pushing higher off the recent low near 17.50. 19.35 is our Target. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com