EB Watch List Update Report

Dear Members: MARKET NOTE: The market started out lower this morning on a weaker than expected GDP number though some are relieved that the prior quarter was revised upwards from negative territory. We're also seeing traders fully absorb the Fed's rate announcement from yesterday with the usual conflicting views as to what their next move might be. So far government bond yields have barely budged so its hard to support the camp that is calling for a Fed rate increase in September. We're continuing to see the same overall pattern; weakness in blue chips and more interest in tech and S&P related stocks. And all of the major indexes are well off their respective session lows so some nibbling on the earlier selling. We've got another boat load of earnings reports tonight as the end of July nears. The earnings parade will continue into next week but traders have seen enough key companies report to get a feel for the overall scorecard. And the overall verdict is...? Well, the S&P was at 2048 when Alcoa officially kicked off earnings season and now it's at 2100. So it's higher now than it was then but still lower than the all time high on the S&P of 2134 reached on May 20. So we're currently in a market going nowhere fast but holding up as traders look for the next good reason to go long or short. KEY EARNINGS REPORTS Companies reporting earnings today (July 30) include: AMGN, BA.L, BLL, BWA, CAH, CI, CL, COP, DLPH, FCAU, FLR, G.TO, HST, IVZ, LLL, LNKD, MPC, OXY, POT.TO, PG, RBS.L, SWK, HOT, TMUS, TWC, UHS, VLO, and WU Companies reporting earnings tomorrow (July 31) include: CVX, XOM, NWL, PSX, RCL, TYC, WY, BLOGS: Just a reminder that I have begun posting Behavior Modification case studies on my blog on the site. Also, make sure you check out Tom Bowley's blog, exclusive to EarningsBeats.com members, that focuses on August historical performance. You can find Tom's blog on the site under the Member section of our site. A MUST read! CANDIDATE TRACKER We've identified a lot of companies that beat earnings expectations over the past two weeks and will be adding somewhere between 40-50 new stocks to our Candidate Tracker this week. Some of these will become Watch List stocks. We will keep you posted. ADDITIONS TO WATCH LISTS: As a reminder, we added Lennar Corp (LEN) to our Large Cap Watch list yesterday. You can now find LEN on the Watch List which includes a chart as well as entry, target and stop loss levels. We're going to hold off adding any additional stocks today to see if there's more weakness to come or if buyer's take advantage of lower prices. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List Len - Nice bounce off the low this morning with the stock back in positive territory. Mid Cap Watch List MW - Down earlier close to gap support but has bounced on light volume Small Cap Watch List There are no Small Cap stocks on the Watch List at the moment 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