EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Wednesday: FDX, GIS, JBL, JOY, ORCL Thursday: ACN, CAG, KBH, NKE, RAD, RHT MARKET NOTE: Well, for at least one day, lower crude oil prices are taking a back seat. The FOMC will announce its latest decision with respect to interest rate policy at 2pm EST today and thus far traders are bullish in anticipation. The Fed has backed this equity bull market for 5 1/2 years so how can we blame the bulls? It's very unlikely the Fed will take a stance interpreted to be overly hawkish, so traders will mostly likely continue to bid up shares when the dust settles - at least that's my opinion. 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: ADBE - Been weak since earnings day, but recovering today with the overall market. A close back above 74.00 is what the bulls want near-term. ILMN - Closed at a two month low on Tuesday, but the rally today is in the form of a bullish engulfing candle thus far. Good recovery. Mid Cap Watch List: INFN - Volume beginning to increase somewhat, accompanying today's nearly 3% spike. MLNX - Been weak last couple sessions, but volume has been anemic. Still want to give this one more time. ODP - It's been an excellent run and it's hit our 7.90 target price. Consider taking profits on at least a portion of your holding and re-entering on a pullback to test the rising 20 day EMA, which is near price support at 7.00. TASR - Up more than 8% today on more solid news. 24.82 is short-term closing resistance for those wanting to take partial profits. A close above this level would be bullish as volume is strong. VDSI - Would support at least partial entry on this 50 day SMA test. Reward to risk is lined up much better now. Small Cap Watch List: QLGC - Huge move today in QLGC, gaining nearly 7% on increasing volume. About 2% away from our 13.00 target, so partial profits could be considered. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com