EB Watch List Update Report

Dear Members: MARKET NOTE Overall, the bulls should be pleased with what's going on at the moment. Right on cue yesterday, the market made its move during one of the most bullish historical periods of the year. Yes, the market has given up some points here after the recent move higher, but not much. One positive to point to is oil being higher in spite of a massive inventory build. Said another way, the oil bulls are making a case that oil has put in a near term bottom. And look at the VIX, flat for the day and at this point back below all key technical levels, also bullish. We also had a positive ADP jobs report this morning ahead of Friday's non-farm payroll report. So there is currently a bid under the market with more of a buy on the dip bias for the moment. Having said all of that, we could see some headwinds sometime soon, anywhere from the existing level up to 2000-2010 on the S&P if traders start thinking about booking profits. The 2000 level on the S&P is only another 20+ points so easily achievable if traders remain committed to the long side. To the downside there should be good support right around 1940. So one could argue that the reward to risk is slightly to the downside. But so far today traders haven't been willing to easily let go of their long positions which also should be considered as bullish. All can change quickly, as we know, so as usual we will stick to a day to day analysis of the market and keep our members posted. KEY EARNINGS REPORTS Companies reporting earnings today (March 2) include: ANF, AEO, COST and SINA Companies reporting earnings tomorrow (March 3) include: ADS.DE, NSU.DE, CIEN, CON.DE, COO, HRB, HPE, and KR ADDITIONS TO WATCH LISTS: The market has made a strong move higher. Maybe we've got another 20+ points to the upside and if the S&P nears 2000 it could be a good place to look at short positions on those companies that missed earnings expectations. So we will be patient at the moment. No new additions today BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List SHORTS: HBI -Stock hit our second short entry price at $29 yesterday. It's back below that level at the moment and could run out of steam, especially if it closes back below its 50 day moving average, now at $28.57. In the meantime we will maintain our stop of a close above $29.50 just in case it continues to move higher. ROP - Stock is struggling to make any progress to the upside. higher today as it tries to hold above its 20 day moving average. A close below Monday's low of $167.93 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