EB Watch List Update Report

MARKET NOTE: The market is in a better mood today thanks to a fairly dovish tone set by Fed Chairwoman Janet Yellen in her testimony to Congress this morning. Her words might not be exactly what the bulls were hoping for but are enough to help breathe some life into the market. Still, the market is off the highs of the day with the NASDAQ losing more than half of its earlier gains with the Dow giving up all of its earlier gains and pointing to the reality that we remain in a sell on the rally mode. This is something the bulls would like to see change with rallies having some staying power. The move higher today doesn't change the fact that all of the major indexes are technically broken. For example, the S&P is struggling to clear 1865 and the first key technical level of resistance is at 1904. Then further up the chain we have the 50 day at 1976 and the 200 day at 2036. So still miles to go before the bulls will be able to say they've regained the momentum. But the good news is the S&P once again held key support just above 1800 with a higher low now for three sessions in a row, at least some type of start. One other positive development to point to. Oil is slightly lower yet the overall market is higher. That's also some progress given oil and equities have been in lockstep for quite some time now. Another plus today; health care, technology and financials are the three leading sectors today. We haven't seen that trio lead the way in a while. And traders are justifiably skeptical given the bearish pattern that seems to repeat itself day after day. But technical repair work has to start somewhere with the bulls hoping today is the beginning of some healing. But what matters most is how we close today; will early gains actually hold, or better yet, grow into the close, or will profit taking kick in like we've been accustomed to lately? We'll know the answer to that question by 4:00 PM eastern which will help us determine if the worst of the selling might be over. KEY EARNINGS REPORTS Companies reporting earnings today (February 10) CSCO, DTE, EFX, EXPE, FMC, HUM, JCOM, OC, PRU, TCO, TSLA, TWX, TWTR and WFM Companies reporting earnings tomorrow (February 11) include: AAP, AIG, BWA, CBS, CCE, COLM, DNB, FEYE, FLIR, K, KKR, LC, MFC.TO, TAP, MOS, NLSN, PAG, PEP, GLE.PA, SON, TRI.TO, TRIP, VRSN, GRA, WYNN and ZG ADDITIONS TO WATCH LISTS: As you can see we currently have no stocks on our Watch List as we are in ultra conservative mode. Said another way, our level of confidence in the overall market at this exact moment in time remains on the low end of the scale. We continue to scan the earnings universe and hope to be adding some long and short trading candidates later this week and will add stocks to the Watch List if we find something that we feel presents a high reward to risk opportunity. 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 There are no Small Cap stocks on the Watch List at this time. DELETIONS FROM OUR WATCH LISTS: No Watch List stocks at this time. At your service, John Hopkins, EarningsBeats