EB Watch List Update Report

Dear Members: First, members now have access to Tom Bowley's Seasonal Trend report for March. You can find it on our site under Tom Bowley's Trader's Blog and it is a MUST READ! MARKET NOTE The market is off to a positive start this morning with the NASDAQ showing some strength today though it still continues to lag the Dow and S&P which are both currently above their respective 50 day moving averages. The same cannot be said about the NASDAQ which will need to tack on another 35+ points to get back above its 50 day. The action is actually not all that bad considering Chicago PMI and Pending Home Sales missed expectations. So far this hasn't spooked traders with the VIX remaining below 20. Perhaps traders see these economic misses as a positive in that it might hold the Fed at bay when they next meet to discuss interest rates. There are actually a bunch of economic reports coming out this week including the Fed Beige Book on Wednesday and then the "biggie" coming out on Friday; the monthly non-farm payroll report. This is the one report that traders seem to key in on the most; is the employment picture brightening or have things stalled? And it is the one report that has the ability to move the market substantially. Some good news for the bulls; the very early part of March, which begins tomorrow, is historically bullish. You will see this when you read Tom's Seasonal Trends blog. That doesn't guarantee anything but it at least shows that over a long period of time the very early days of March trend positive. Right now the bulls are aiming for somewhere in the range of 1980-1985 on the S&P. To the downside they want to try to hold the 50 day, now at 1942. It was tested earlier this morning and so far has held. If that goes 1920 is the next key level of support. So a range of 1920 to the downside and 1980 to the upside with the S&P currently smack in the middle. KEY EARNINGS REPORTS Companies reporting earnings today (February 29) HTZ, HHC, NRG, TRCO, VRX.TO Companies reporting earnings tomorrow (March 1) include: AZO, BNS.TO, BARCL, DKS, DLTR, DCI, MDT, PGR and ROST ADDITIONS TO WATCH LISTS: We will hold off on adding any stocks to the Watch List today though you have access to both long and short trading candidates on on our Candidate Tracker. We hope to add some new candidates this week and will let you know when they are available. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List SHORTS: HBI -Stock is up slightly as it continues to battle its 50 day moving average from below. If it clears $20.50 it could challenge our second entry at at $29. ROP - Stock is flat today after pulling back earlier in the session. A close below $169 could take this stock lower. 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: There are no deletions from the Watch List today unless a Watch List stock closes below the stop loss provided. John Hopkins, EarningsBeats