EB Watch List Update Report

Dear Members: I had a great turnout for my webinar yesterday. In case you missed it, here is a link to the recording which is just over a half hour long. http://www.earningsbeats.com/public/Trading-in-a-Volatile-Market.cfm MARKET NOTE: In my market note to members yesterday I stated we would need to watch the S&P and see what happened if it reached 1988, the 20 day moving average. So what was the high today? Yes, 1988! And right on cue selling ensued with the S&P now close to the flat line. So we now know that clearing the 20 day is going to take a leap of faith that the recent selling is over. It could happen, but maybe the market needs a little rest here; it has risen almost 6.5% since the most recent low of 1867. What I will be looking at now will be to see if the S&P holds near 1950 if there is some selling. That would constitute another higher low and is a level the S&P closed near September 2 and 3 and was near that level at its high on September 4. So 1940-1950 is a level I would like to see hold. There's been strong action in Asia the past few sessions which has helped to put a bid under US stocks. But will that be enough? So for now I see a range of 1950 to the downside and 1988 to the upside. Whichever goes first could give us more clues. In the meantime it remains capital preservation number one. KEY EARNINGS REPORTS Companies reporting earnings today (September 9) include: There are no key earnings reports due out today Companies reporting earnings Tuesday (September 10) include: LULU and RH There are no key reports due out on Tuesday ADDITIONS TO WATCH LISTS: Going to continue to lay low here in this "day to day" environment BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List AMZN - Stock remains strong relative to the market and is over all key technical levels. A close above $535 would be bullish. LEN - Stock closed back above all key moving averages yesterday. Next key level of resistance will be near $54. Mid Cap Watch List NUVA - Stock held its 50 day moving average and a close above $53.75 would be bullish. Small Cap Watch List RUBI - Stock needs to close back above $14.85 to have a chance of making further progress to the upside. 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