EB Watch List Update Report

Dear Members: MARKET NOTE In yesterday's update I suggested that the bulls continued to maintain the upper hand, even though the market had stalled. Today we see that the bulls have taken full advantage of the Fed's more dovish stance on interest rates following Fed Chairwoman Janet Yellen's speech yesterday. Accordingly, all of the major indexes are higher with the S&P challenging levels not seen since the end of last year. Interestingly, even though the market took a pause for a few days prior to yesterday's move higher, both the Dow and S&P are technically overbought with the NASDAQ not far behind. And it's coming with the S&P now within easy striking range of key resistance. So the market got what it wanted from the Fed with buyers jumping back in on the long side with not much room to the upside before we could see some profit taking. Traders are also feeling much more confident today with the VIX down almost 5% as it revisits levels not seen since October of last year. Ironically, the boost in buying is in response to the Fed's admission that the US and other world markets continue to face economic challenges, thus the signal they aren't in any hurry to raise rates again any time soon. So it seems that traders are much more focused on rates remaining low even if the reason is tied to a sluggish economic picture. Strange indeed. In the meantime, the S&P is within a dozen points of key resistance near 2080. So it won't be surprising if we do see some profit taking soon, especially with the Dow and S&P technically stretched. But there's no denying there is a bid underneath the market so any selling might not last that long. If we do see some pullback the bulls will be looking to hold the line at 2055, yesterday's close. After that 2020 becomes important support. Bottom line: the mood is quite positive as we near month end but it's going to take a lot of work for the bulls to clear 2080 on the S&P. Yet shorting could be an exercise in futility in the very near term as we could see buying on any dips. KEY EARNINGS REPORTS Companies reporting earnings today (March 30) include: CCL, LULU, MU, PAYX and UNF Companies reporting earnings tomorrow (March 31) include: There are no key economic reports due out tomorrow ADDITIONS TO WATCH LISTS: A reminder that we added AMAT to our Large Cap Watch List yesterday and all details are now on the site. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: BGC - This stock continues to trade in a range of between $10.40 and $11.40. It needs to close back below $10.48 to have any shot at getting to our target of $9.85. LONGS: Large Cap Watch List AMAT - This stock made a nice move from our entry price of $20.41 yesterday. Any close back above $21 would have to be seen as bullish. 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 or above the stop loss provided. At your service, John Hopkins, EarningsBeats