EB Watch List Update Report

Dear Members: MARKET NOTE: Earnings season is in full blown mode now with traders assessing key reports one at a time and acting accordingly. Just over the past two days the market has reacted negatively to some of the biggest market cap companies including AAPL, MSFT, YHOO, IBM and UTX. But in spite of this negative reaction the market is holding up quite well, with only the Dow currently trading below both its 20 and 50 day moving averages. But, the NASDAQ remains quite strong, in spite of AAPL being down 5% today and considering this is the second weakest trading week of the entire year. In fact, in looking at a chart on the S&P, the 20 day moving average is looking to cross back above the 50 day for the first time in a month, and a close back above would be bullish for stocks. And as much as the bears would like to see the market take a big hit here the VIX has barely budged, showing traders aren't focused just on a few stocks that missed earnings, also bullish. A reversal to the upside later today would also be bullish, so let's see what develops and go from there. KEY EARNINGS REPORTS Get ready for a barrage of earnings reports (and some big names) over the next few days. Companies reporting earnings today (July 22) include: ABT, ALTR, AXP, AMP, BA, CHKP, KO, DFS, EMC, EFX, FFIV, LVS, NTRS, QCOM, SNDK, STJ, TXN, TSCO, WHR and XLNX Companies reporting earnings tomorrow (July 23) include: MMM, AMZN, T, BSX, BMY, COF, CAT, CELG, CB, CMCSA, DHR, DOW, DPS, LLY, FCX, GM, JNPR, KMB, MCD, NUE, PFG, RTN, SWKS, LUV, SBUX, SYK, TROW, UA, V and WM ADDITIONS TO WATCH LISTS: There are no new additions today. Going to remain patient here in this historically weak period while accumulating stocks on our Candidate Tracker and looking for the "best of the best" to provide to our members in the coming days and weeks. This is similar to what we do most quarters; lighten up on positions as we near earnings season, exit stocks prior to earnings reports, wait for a ton of companies to report, scan for those that beat earnings expectations and have strong charts, wait for optimal entry points, then pounce! So you will notice we have only 4 stocks on our current Watch List, and there's a reason for that; we're "re-grouping" for the next batch of high reward to risk trading candidates. We believe it will pay off. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List No comments on Large Caps today Mid Cap Watch List MW - Bouncing off its 50 day moving average with MACD at center line support. A close back above $62 would be bullish. Small Cap Watch List EBIX - We are LOWERING our CLOSING STOP to today's open at $29.79 to give this one a chance at a reversal today 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