EB Watch List Update Report

MARKET NOTE: So far its a fairly quiet day and the bulls will take that considering a few key stocks including XOM and CVX are getting hit hard on their earnings reports with the energy sector down 1.85% early in the session. On the positive side Chicago PMI handily beat expectations. Government bonds yields remain in retreat mode with the ten year treasury note now back below 2.20% for the first time since early July. So much for a September rate increase. The VIX is showing that traders aren't afraid to be long stocks; but at the same time we're not seeing aggressive bidding and we're continuing to see a lid on the market. In fact, to put things in perspective here, the S&P closed at 2110 on February 20. More than five months later the S&P hasn't budged. That's called being stuck! But the good news for the bulls is the bears haven't been able to inflict any pain with staying power, just the occasional correction from time to time. Now that we're deep into earnings season, with the Fed having just made their rate announcement and having gotten the first reading of Q2 GDP, traders are right back to asking the same question they ask when making a market assessment; what's next? It's a good question and we might have to wait until next week when we're in a new month before the market gives us any new clues. KEY EARNINGS REPORTS Companies reporting earnings today (July 31) include: CVX, XOM, NWL, PSX, RCL, TYC, WY, Companies reporting earnings Monday (August 3) include: ALL, AIG, CLX, CNA, GGP, HSBA.L, L, TSN, BLOGS: I have just posted another Behavior Modification case study 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; very timely. 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 prior to Monday's open. Some of these will become Watch List stocks. We will keep you posted. ADDITIONS TO WATCH LISTS: There are no new additions to the Watch List today BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Short Watch List: There are no Short Watch List stocks at this time. Large Cap Watch List C - down slightly on lighter volume, but remains above key support at recent gap levels and also the rising 20 day EMA. COTY - showing volatility today after earlier gap higher and subsequent selling, but volume remains light. Our second entry is 26.27. LEN - Stock up over 1% today but now facing a short-term downtrend resistance line (from connecting July highs.) Mid Cap Watch List MW - seems to be consolidating at both price and gap support. 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. I want to wish everyone a restful weekend and I will be back with my EB Watch List Update report on Monday. At your service, John Hopkins, EarningsBeats