EB Watch List Update Report

Dear Members: MARKET NOTE: The market is trading in a more normal fashion this morning, even though all of the major indexes are lower, after the wild swings earlier in the week. To see the S&P trading down slightly is actually encouraging with the bulls pleased that the bulk of gains off the bottom are so far holding. All of the major indexes remain below every key technical level with a big test coming should they approach their respective 20 day moving averages. So far the S&P has risen 6% off of this week's bottom of 1867 and remains just below 2% from its 20 day. So, we may well find that the bulk of the buying the past two sessions could have run its course, unless traders feel Tuesday's low marked a bottom. Even then we remain in a unique period that requires increased caution. KEY EARNINGS REPORTS Companies reporting earnings today (August 28) include: BNS.TO and BIG Companies reporting earnings Monday (August 31) include: There are no key earnings reports due out Monday ADDITIONS TO WATCH LISTS: At this point it doesn't make sense to add any trading candidates but instead to see how the market ends the week. Remember that we've still got to negotiate those 20 day moving averages on the major indexes which could act as a very big roadblock after the strong move off the bottom. And remember this: CASH IS A POSITION! So instead of trying to determine if the Dow will open up or down 300 points on Monday it's one of those times to be more conservative until things settle down a bit. One thing we know; there will be some great opportunities at some point, it's just not now. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List AMZN - It's bullish that the stock has moved back above its 20 day moving average. The range at this moment remains at $500 to $523. LEN - Big test on this stock is between $51.50 and $51.75. It got as high as $51.60 today before pulling back some. A close above this level would be bullish. Mid Cap Watch List NUVA - Stock is going against the grain today and back above its 20 day moving average. Small Cap Watch List KFY - Big level on this stock will be between $34 and $34.40. RUBI - Stock is back in consolidation mode. It's still got a lot of work to do, starting with closing back above its 20 day moving average, now at $15.05. DELETIONS FROM OUR WATCH LISTS: There are no deletions from the Watch List today unless a Watch List stock closes below the stop loss provided. At your service, John Hopkins, EarningsBeats