EB Watch List Update Report

Dear Members: MARKET NOTE: We're near the end of a week that historically is the second weakest trading period of the year. The selling has come in spite of a very positive market reaction to earnings on some important stocks, for example AMZN, up a nifty 15% today on its numbers. We have also seen during this earnings season positive responses to other highly visible tech stocks like Google and Netflix and a lot of the major banks as well such as Citigroup and Bank of America, to name a few. Apple disappointed and maybe that is sinking in a bit today. But overall, traders seem pleased with the numbers so far. So the selling today might have more to do with profit taking and "selling on the news" than anything else. The bulls are likely disappointed that the Dow has dipped back below its 200 day moving average; blue chips remain out of favor. And the S&P is back below both its 20 and 50 day moving averages. Only the tech heavy NASDAQ remains above all key technical levels as it shows continued strength. Though the VIX is up by 5% it remains below all key technical levels so certainly no panic selling here. Still it would be better for the bulls for the S&P to close above 2102. Otherwise, the market will be vulnerable to additional selling. KEY EARNINGS REPORTS Companies reporting earnings today (July 24) include: AAL, BIIB, DTE, JCI, MCO, STT abd XRX Companies reporting earnings Monday (July 27) include: BIDU, HRS, NSC and WYNN JOHN's BLOG I wanted to let everyone know that you can click on my blog on the site under the Member section and read my Behavior Modification Case Studies that I will share with you from time to time. There are two on there at the moment and I will let you know when a new one is added. These case studies focus on scenarios that are common to many traders and what can be done to change negative behavior. Hope you find them useful! ADDITIONS TO WATCH LISTS: There are no new additions today. We're going to continue to lay low here and be patient during this historically weak period as we continue to scan for those companies that beat earnings expectations and have strong charts. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List COTY - Stock continues to consolidate. A move and close back above the 50 day moving average, now at $27.92, would be bullish. Mid Cap Watch List No comments on Mid Cap stocks today Small Cap Watch List EBIX - Just a reminder that EBIX is no longer on our Watch List as it closed below its stop yesterday. DELETIONS FROM OUR WATCH LISTS: There are no deletions from the Watch List today unless a Watch List stock hits its stop loss. I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins, EarningsBeats