EB Watch List Update Report

Dear Members: First, please note that I have added a new Behavior Modification Case Study that you will find under my blog on the site. MARKET NOTE: The S&P pretty much did a full retest of the August 24 low yesterday, coming within a few points of that 1867 level. Now this morning we're getting a bounce with every trader on earth asking the question, has the bottom been put in? It may well be but with traders on pins and needles for the entire month of September, who could blame someone for being skeptical? The good news for the bulls is if the S&P manages to hold above that 1867 level we could be looking at a double bottom. So at a minimum we'll want to see if the S&P can put in a higher low should traders use the rise higher this morning as an opportunity to take profits rather than an opportunity to go long. In the meantime every major index remains technically wounded with the Dow suddenly more in favor than either the NASDAQ or S&P, a big shift from what we saw earlier in the year when tech stocks ruled. If today's gains manage to hold the first major hurdle on the S&P will be at the 20 day moving average, now at 1944. That seems like a long way from where it is now, especially with the mood as negative as it is at the moment. But at least we now have a range to work with; 1867 to the downside and 1944 to the upside. So we could see the S&P trade within this range until something happens that convinces traders the worst is over or that we need even more selling before buyers get interested in owning stocks. Perhaps that will come Friday when the monthly non-farm payroll numbers are released. In the meantime staying cautious is a prudent strategy. KEY EARNINGS REPORTS Companies reporting earnings today (September 30) include: PAYX Companies reporting earnings tomorrow (October 1) include: MKC and MU ADDITIONS TO WATCH LISTS: No additions at this moment BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List There are no large cap stocks on the Watch List at this time Mid Cap Watch List There are no mid cap stocks on the Watch List at this time Small Cap Watch List VRA - Stock is flat today and needs to close back above $12.62 to get back on track 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