EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Tuesday: WAG Wednesday: None MARKET NOTE: There were a lot of economic reports out today with the most notable a major revision higher in Q3 GDP. Analysts were expecting 4.3%, but instead we saw 5.0%, a huge spike. The market bulls are loving it as the S&P 500 remains in breakout mode above 2075. Most notably today is the rise in the Russell 2000 which is now approaching MAJOR price resistance at 1210. If you trade juiced ETFs and are in the Russell 2000, a great place to consider taking profits is this area just beneath 1210. If we break through, you can always re-establish your position. 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: AMGN - Biotechs are getting crushed today and AMGN is down in sympathy. At last check, it was near 157 which isn't a bad entry point if you like the stock. To the downside, 144-150 could come into play if the group remains under pressure, but no guarantees we get that low. BMY - Also major weakness today as 57.50 price support is approached. ILMN - Significant volatility continues here as it's dropped 5 bucks and is now residing near its 50 day SMA. V - Breaking out, but could definitely use more volume to confirm. Mid Cap Watch List: INFN - Volume very low on selling past couple sessions. Price support is just below 15.00. TASR - Another high realized early today as fundamental news stories keep pouring in. We do have a long-term negative divergence so there's the threat of a 50 day SMA test in our future. That's 6 bucks below current price. I don't want to scare anyone, but taking some profit is a prudent move. If it does sell off, re-entry would make sense after the selling. 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