EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Thursday: FDO, INFY, PEP, SWY Friday: FAST MARKET NOTE: Volatility remains high as we saw into Wednesday's close. It was a great reaction to the release of the FOMC's minutes of their latest meeting. Unfortunately, as we're seeing today, that strength didn't last and now traders are staring at the possibility of yet another breakdown. The Russell 2000, as of this writing, is on the cusp of such a breakdown and has been the leader of recent selling. ADDITIONS TO WATCH LISTS: There are no additions 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: NTAP - Should find support in the 39.00-40.00 area, which is where I like it for 2nd entry. PLL - Huge recovery on Wednesday after triggering our 2nd entry at 82.00. It's given back some of those gains today, but still looks solid on a relative basis. CRM - Tried to break out earlier, despite the overall bearish market action. It looks to be a failure, though, setting up more sideways consolidation. Mid Cap Watch List: JACK - Attempted a breakout to fresh new highs earlier in the session, but has fallen back. Still, the rising 20 day EMA and price support near 63.75-64.00 makes sense for entry into this very strong stock. VEEV - Is one of the weaker performers, but does still have solid gap support close to 25.00, our final entry point. Also, volume has been light during the move lower, providing solid hope for a recovery as well. Small Cap Watch List: NX - Hasn't broken short-term support, but the volatility here has been high with 3-5% daily moves common now. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com