EB Watch List Update Report

Dear Members: MARKET NOTE: The narrow range that I spoke about yesterday on the S&P, 2047 to the downside and 2067 to the upside shows the bulls have the upper hand today. In fact the S&P is now back above all key technical levels. At the same time the NASDAQ is up for three days in a row after having gotten very oversold. It's hard to point to any one catalyst today. Maybe the fact that the S&P held its 50 day moving average exactly when it was necessary to avoid additional selling. Still, it feels like a lot of work to get the rally today. And now resistance on the S&P is at 2083, so that's the new range to the upside. And we're going to want to see if 2068 holds on any selling later in the day as a close below that level would tell me that all we're seeing is an oversold bounce here, no real conviction. Bottom line is I remain skeptical here so plan on erring on the side of caution. KEY EARNINGS REPORTS Companies reporting earnings today (May 10) include: ALU.PA, AGN, DF, FOSL, LL, SLF.TO, DIS and ZBRA Companies reporting earnings Monday (May 11) include: ARMK, EXPN.L, JACK, M, NTES, SINA and WEN ADDITIONS TO WATCH LISTS: Content to lay low for a while and let things play out and look for even better opportunities. In the meantime, we will be adding a number of stocks to the Candidate Tracker in the very near future and will keep you posted. 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 - A nice 2.25% pop today as the stock held a key technical level. A close above $41.43 would be bullish. There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List Small Cap Watch List ADPT - This stock has gotten very weak after the initial move higher when we added it to the Watch List. If the stock closes below $58.17 it will be removed from the Watch List. 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