EB Watch List Update Report

Dear Members, KEY EARNINGS REPORTS: Thursday: BAC, BLK, C, FAST, INTC, LEN, SLB Friday: CMA, GS, PNC, SCHW, STI MARKET NOTE: Initial jobless claims came in much higher than expected today just one day after very disappointing retail sales. Economic news has done little to bolster the bulls' hopes, so technical conditions need to support the bulls. I'm watching recent price lows and rising 20 week EMAs as short-term signs that the bulls still have the upper hand. Failure to hold those levels would suggest that we grow more cautious, especially given the rise in the VIX into the 20s recently. ADDITIONS TO WATCH LISTS: There are no additions to our Watch Lists today. There will be many changes in our Watch Lists over the next couple weeks as earnings season heats up so stay tuned. 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 - Announced $2 billion buyback which has ADBE outperforming today on a relative basis. V - Currently trading within 252-255 price support area. Mid Cap Watch List: INFN - Could not break through moving average resistance on last attempt and now appears to be rolling over to test recent low on downgrade. MLNX - Moving lower within possible handle formation. Light volume supports this notion. ODP - Volume trends remain quite strong here, but weak price action today leaves ODP vulnerable until it can recapture its 20 day EMA. To the downside, top of gap support just below 7.50 would be next area to watch for possible entry. Small Cap Watch List: QLGC - Remains in clear uptrend. Test of rising 20 day EMA would represent potential entry. DELETIONS FROM OUR WATCH LISTS: There are no deletions today unless closing stops are violated. Happy trading! Tom Bowley Chief Equity Strategist EarningsBeats.com