EB Watch List Update Report

Dear Members: MARKET NOTE The market continues to try to find its footing with all of the major indexes lower. We saw the S&P get close yesterday to the nearest level of resistance near 2060 but could not power through. But even with the selling today both the Dow and S&P are at or close to being technically overbought, making it tougher for the bulls to convince traders to jump in on the long side. This is offset some by both the Dow and S&P still above all key technical levels. The same cannot be said for the NASDAQ which remains below its 200 day moving average, a level it has not been above since late last year. In fact, the NASDAQ is leading the move lower today as traders remain attracted to blue chip and non-tech related stocks. Even with the bit of selling we are seeing today the bears remain frustrated; they really haven't been able to inflict any serious damage since the S&P bottomed on February 11. Instead, traders are much more willing these days to consider buying on dips than bailing on their existing positions. Right now the S&P remains in a range of 2017 to the downside and 2080 to the upside. This could continue to be the case for the remainder of this holiday shortened week and into next week when we'll get a ton of economic reports including monthly non-farm payrolls. So for now there's really not that much to do except perhaps a quick trade here and there. And we should see a better reward to risk opportunity on the long side should we revisit the 20 day on the S&P at that 2017 level and on the short side should we see a move up to that 2080 level. Until then, let's take it easy! KEY EARNINGS REPORTS Companies reporting earnings today (March 23) include: GIS, FUL, and PVH Companies reporting earnings tomorrow (March 24) include: ACN and GME ADDITIONS TO WATCH LISTS: Since the S&P remains in the middle of its current range we'll hold off on any new additions to the Watch List. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: BGC - This stock fell sharply before recovering nicely by day's end. A move back below yesterday's low of $10.41 would put the stock in a position to move even lower. We will maintain our stop of a close above $11.48. MDLZ - As a reminder, we issued a profit alert on the stock yesterday and so far today it has come close to our price target to the downside of $39.50. LONGS: 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: We removed MDLZ from the short Watch List as we issued a profit alert yesterday. There are no other deletions from the Watch List today unless a Watch List stock closes below or above the stop loss provided. At your service, John Hopkins, EarningsBeats