EB Watch List Update Report

Dear Members: MARKET NOTE For those wondering if 2000 is a brick wall, how about Friday's close on the S&P? 1999.99! I guess that's about as close as you can get to 2000 without actually going above. And it goes to show you that closing above 2000 is a big deal to both the bulls and the bears. Some might think it's more psychological than anything else but not too far above is the 200 day moving average at 2022, a level that has not been cleared since late 2015. So that WILL be a big deal if the bulls managed to succeed in taking the market higher. Its not hurting that oil is higher again today with traders feeling more comfortable that the recent lows have put a bottom in oil prices. That's important since the market has been hostage to low oil prices for quite some time. Notice that the VIX is flat today even though the market is higher. Why? Maybe recognition that somewhere between here and that 200 day moving average could represent a near term top. Let's not forget it's been fairly straight up since the most recent low in February when the S&P hit 1810. But there's no denying the momentum here; buying on the dip and causing heartburn for the shorts. The S&P got as low as 1889 today when it turned and there should be some support in the 1970-1975 range if profit taking turns in. So let's see if the bulls are able to reach their two very near term objectives; clear 2000 and then challenge that 2022 level. KEY EARNINGS REPORTS Companies reporting earnings today (March 7) include: SHAK and URBN Companies reporting earnings tomorrow (March 8) include: DKS ADDITIONS TO WATCH LISTS: So we're likely 15-20 points from a major level of resistance. Accordingly, we're not going to add any longs here and will look at possible short opportunities should we get close to that 200 day moving average. Even then it will depend on action underneath the market. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List SHORTS: ROP - Stock is higher but has struggled to make any progress since it became a short candidate. Will keep a close eye on it and a close above $172.37 would represent a close above the 50 day for the first time in two months which could take the stock higher. So those who are more conservative might want to step to the sidelines. Our second entry level is at $175. 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