EB Watch List Update Report

Dear Members: MARKET NOTE: The market continues to climb the wall of worry with all of the major indexes lower. The negative action today is mostly being blamed on China with Asian markets getting slammed overnight. However European markets held up quite well overnight so China can't be blamed for everything. So far the S&P held exactly where it needed to, right at 2055, which represents the 200 day moving average. So for two days now the bulls have managed to hold the line where they needed to though there's still a lot of time left in today's session. Today brings with it the release of the FOMC minutes from the last Fed meeting at 2:00 pm eastern. Generally there is at least a knee jerk reaction to Fed events and reports so the same thing could happen today, particularly if the Fed hints at a rate increase which many think they won't be able to do given existing world economic conditions. Alcoa reports its numbers after the bell tonight which "officially" will kick off the earnings season. It's rare for AA's report to have a major impact on the overall market but it does remind traders that earnings season is about to kick into high gear. Key today is for that 2055 level to hold on the S&P as a move below that level could spell more trouble. ADDITIONS TO WATCH LISTS: There are no additions to the Watch List today. Need to remain cautious here while managing positions on the Watch List. Honoring stops during tough market conditions is an important part of trading. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List CTRP - Stock gapped down this morning in sympathy with the weak China market and is trying to recover. We will stick with our $70 closing stop. INTU - Stock holding up well in spite of market conditions and a close above $103.16 would be bullish MSFT - Stock is strong today relative to the overall market and a close above $44.95 would be bullish RYAAY - Stock is below its 20 day moving average with gap support at $70.17. A hold here would be bullish. Mid Cap Watch List DLB - Opened at $37.95 which we are now making our new closing stop RBA - Like to see a close above $28.70 for the stock to turn more bullish Small Cap Watch List EBIX - Stock has hit our second entry of $31.43 TILE - Stock is testing its rising 20 day ema and would like to see a close above $24.19 DELETIONS FROM OUR WATCH LISTS: There are no deletions from the Watch List today unless a Watch List stock hits its stop loss. At your service, John Hopkins, EarningsBeats