EB Watch List Update Report

Dear Members: MARKET NOTE: The bulls are so far liking the start to the new week with all of the major indexes higher. Tech stocks are leading the move higher today thanks to Warren Buffet taking $1 billion stake in Apple while everyone else hates the stock. Accordingly, AAPL is up over 3% with the NASDAQ up almost 1%. Unfortunately for the bulls, the NASDAQ still remains below all key technical levels. Not very impressive with the nice move higher today. And the S&P is back above its 50 day moving average but below its 20 day which is an improvement over Friday but is still laboring to move higher. The move higher in the market today comes in spite of (or because of) an extremely weak Empire State manufacturing report which was miles below expectations. So the bulls are trying to put a positive spin that the weak report will keep the Fed at bay but it's not so bullish that a key component of the economy is so weak. In looking at the charts it would be bullish if the S&P was able to close above 2066 by day's end. To the downside a close below 2055 could spell more trouble. So as you can see, not much of a spread between bullish and bearish sentiment. Bottom line for now; the S&P is right up against important resistance. I would rather see if it clears before thinking about going long. There's plenty of potential room to the upside if it clears that 2066 level. But if it stalls here it would be best to have more cash. So we will continue to err on the side of caution. KEY EARNINGS REPORTS Companies reporting earnings today (May 16) include: There are no key earnings reports due out today Companies reporting earnings (May 17) include: HD and TJX ADDITIONS TO WATCH LISTS: I continue to see no reason to get aggressive here, either on the long or short side. Let's be patient until signals show otherwise. 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 up by over 1% and looks fine technically. Target remains $43. 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 list today unless a Watch List stock closes below or above the stop loss provided. At your service, John Hopkins, EarningsBeats