EB Watch List Update Report

Dear Members: MARKET NOTE Nothing great about today's action for the bulls with all of the major indexes lower. Once again tech stocks are leading the march lower with the NASDAQ down over 1.2% at its low of the session. In addition, the NASDAQ had retreated exactly to its 200 day moving average at 4856 which is exactly where it bounced. Additionally, the S&P has tested the 2042-2044 three days in a row now and so far has held. But there's not much margin for error here as a move below that level would put the 20 day moving average at 2037 into play and that is a level the bulls do not want to lose. Now the question is can the bulls successfully defend at this important level of support? The selling today had the VIX up over 11% and back above its 20 day moving average for the first time since mid February. So some decent worrying going on with traders showing some hesitation to jump in on the long side on this dip. All of the major indexes were in overbought territory prior to this recent bout of selling but that is no longer the case. So there is certainly plenty of room for the market to move higher IF traders agree in unison to put their money to work on the long side. So far there has been hesitation to do that today. Traders are well aware that earnings will start to come out in droves over the next few weeks and so far expectations are low. So no real strong impetus for traders to get aggressively long here with capital preservation now on everyone's mind. KEY EARNINGS REPORTS Companies reporting earnings today (April 7) include: KMX, CAG and RAD Companies reporting earnings tomorrow (April 8) include: There are no key earnings reports due out tomorrow ADDITIONS TO WATCH LISTS: Going to hold off doing anything else here and see if the market steadies or heads lower BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List AMAT - Stock is down just over 1%. Want to watch and see if the stock holds $20.45 on any selling as a close below that level would take AMAT below its 20 day moving average. GRMN - Stock is down slightly and we want to see it hold $39.55. TRIP - Stock is in retreat mode and down over 3% today. Please note that our stop loss on this stock has been adjusted to $63.50 so if the stock closes below that level it will come off our Watch List. 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