EB Watch List Update Report

Dear Members: First, please note that I have posted a new Behavior Modification Case Study that you can find on my blog on the site. Next, you are invited to join me for a webinar today at 4:30 pm eastern. During this webinar we'll look at some big names that are now on sale, stocks that traders could not get enough of just a few weeks back that no one wants to touch now. We'll also look at some companies that had strong earnings the last quarter and held up quite well during this recent bout of selling. I will be sending out room instructions prior to the event so hope you can join me! Finally, we will be adding some new Candidate Tracker stocks later today. We'll also be taking some off. There might not be much more activity in the Candidate Tracker until we get to October when the next earnings season will begin. MARKET NOTE: Last Friday we were back to no one wanting to buy stocks. Today we're getting a nice rally. What's different today than Friday? Doesn't seem like much, really. Asia did recover some while the US market was closed for the holiday. But the jobs numbers were out Friday morning with traders having plenty of time to absorb. Could be that traders were worried about what might happen in other world markets with Monday's holiday. Whatever the case all of the major indexes remain well below all key technical levels. The NASDAQ is the closest to testing its 20 day moving average but overall the picture remains quite weak. In trying to identify some good news for the bulls the S&P has put in a series of higher lows since it hit 1867 on August 24. It's still not the V shape type recovery we saw when the market bottomed in October of 2014. So plenty of uncertainty remaining if a true bottom has been put in. Also the VIX has settled down since it rose above 50 on the panic selling day. It still remains above all of its key technical levels with traders keeping one (or two) fingers on the sell button, "just in case." The highest close on the S&P since the August 24 low was 1988, so clearing that level would be seen as progress. And, it turns out that the 20 day on the S&P is right around that level. So at the moment we remain in a range with 1921, Friday's close, a level the bulls will want to hold in case selling resumes with 1988 being a level that needs to be cleared before further progress can be made. KEY EARNINGS REPORTS Companies reporting earnings today (September 8) include: KFY and MW Companies reporting earnings Tuesday (September 9) include: There are no key reports due out on Tuesday ADDITIONS TO WATCH LISTS: We remain in "no man's land" which is not an ideal time to get aggressive, either long or short. Let's remain on a day to day basis and revisit tomorrow, depending on what develops by day's end and into the morning. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List AMZN - Nice recovery in the stock today as the stock moves back above its 20 day moving average. A close above $518 would be bullish. LEN - Stock is hovering right around its 20 day moving average. A close above $51.80 would be bullish. Mid Cap Watch List NUVA - Stock continues to hold its 50 day moving average and a close above $52.20 would be bullish. Small Cap Watch List RUBI - Stock continues to consolidate after recent recovery and a close above $14.90 would be bullish. 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