EB Watch List Update Report

Dear Members: MARKET NOTE The market is off to a positive start but well off session highs. This is coming ahead of the "official" start of earnings season with Alcoa scheduled to report its earnings after the bell this afternoon. So far today all we've seen is the S&P continuing to trade between its 20 day moving average and the most recent high. So the bulls will argue that the market is holding up just fine here with the bears unable to regain the technical advantage. There is some truth to that. The bears took a shot at the 20 day moving average late last week but the bulls defended and so far have done so as well. With Alcoa on tap to report its numbers tonight traders will be turning their full attention to earnings. Expectations are quite low so there is certainly some upside potential if we start seeing some positive surprises. In the meantime as long as the S&P holds 2039 the bulls must be given the benefit of the doubt. If it falls below that level the next key level of support is near 2015. KEY EARNINGS REPORTS Companies reporting earnings today (April 11) include: AA, KMI and MSG Companies reporting earnings tomorrow (April 12) include: There are no key earnings reports due out Tuesday. ADDITIONS TO WATCH LISTS: We have now specifically identified which stocks will be deleted from and added to the Candidate Tracker and will be adding them prior to my update tomorrow. So we will soon have a new batch of long and short opportunities. In the meantime let's see the response to Alcoa's numbers and how the market starts out tomorrow before looking at adding any stocks to the Watch List. 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 up slightly. We need to see AMAT close back above $21.42 to have a shot at our target price of $21.85. GRMN - Stock is up over 1% and a close above $40.41 would be 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