EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Thursday: MU, NKE Friday: BBRY MARKET NOTE: One day after the bulls showed so much resiliency, they are feeling a very stern test as the bears have returned in force. NASDAQ - 4485. S&P 500 -1976. Semiconductors ($DJUSSC) - 1775. Banks ($DJUSBK) - 315. Railroads ($DJUSRR) - 1400. These are all very critical short-term support levels the bulls need to defend on a closing basis. The more that fail, the more technical selling we're like to see ahead in the near-term, so be careful heading into today's close. 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 - It's obvious that rising 50 day SMA is providing key short-term support. NTAP - Showing its first significant sign of weakness since it gapped higher on big volume in mid-August. With the long-term negative divergence in play, I wouldn't be interested in considering a long position until there's a 50 day SMA test. CRM - Nearly triggered our 2nd entry at 56.00. It has since rebounded approximately 1%. Mid Cap Watch List: AMBA - On the verge of losing short-term price support at 40.52. A rising 20 day EMA test would provide solid entry for aggressive traders. DSW - Actually higher today and continuing to hold 20 day EMA support - bullish action. 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