EB Watch List Update Report

Dear Members: MARKET NOTE: Our theme of late has been caution. And as you can see today all of the major indexes are lower. Part of today's decline can be linked to a weaker than expected job report. Instead of the market seeing this as a positive - i.e., maybe the Fed will hold off raising rates - traders are seeing it as a sign of economic weakness which isn't great for stocks. In looking for silver linings I can point to a few things. First, the NASDAQ continues to be technically oversold with very little relief the past few weeks. And so far this morning the S&P has held its 50 day moving average. And even with today's selling the VIX is actually lower. All of this leading me to think that the worst of the selling could be over. Of course I would feel more confident if we saw all of the major indexes green by day's end. For sure I want to see the S&P hold its 50 day, now at 2044. That would at least be a minor victory into the weekend. Even better would be a close back above the 20 day, now at 2067, but that is likely asking too much. So caution continues with maybe a little bit of nibbling on this pullback. KEY EARNINGS REPORTS Companies reporting earnings today (May 6) include: CI, CTSH, EXC, MSG, MEG, UM and WY Companies reporting earnings Monday (May 9) include: AES, DNB, HTZ, JUNO, LC, LMCA, ON, SLW.TO, TSN and W ADDITIONS TO WATCH LISTS: We added Adeptus Health (ADPT) to our Watch earlier this morning with an entry price of $57.41 (as of the email) and a price target of $62.35 and a stop of a close below $56. All information will be added to the site prior to Monday's open. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List STI - Stock is fairly flat today after hitting our second entry level of $40.15. A close back above $40.64 would be bullish. There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List Small Cap Watch List DELETIONS FROM OUR WATCH LISTS: There are no deletions from the Watch listt today unless a Watch List stock closes below or above the stop loss provided. I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins, EarningsBeats