EB Watch List Update Report

Dear Members: MARKET NOTE: The market is higher this morning but not by much and considering the haircut it has taken of late. After getting hammered yesterday, none of the major indexes is showing much life. And the S&P is now below both its 20 and 50 day moving averages while the NASDAQ is below all of its key technical averages. This is coming the day the Fed is getting ready to release its the minutes from the last FOMC meeting with more market participants thinking the Fed is closer to raising rates than might be thought. Some not so great news for the bulls; none of the major indexes are near oversold territory. So this sets up for the possibility of even lower prices. 2039 has served as a key level of support. Where did the S&P get this morning? 2039. It bounced right on cue but the bears will be working overtime to move the S&P below that 2039 level because they know that 2011, the 200 day moving average, could quickly come into play. The bulls are hoping the Fed minutes are dovish enough for them to hold the line here. Still, the S&P needs to close back above 2063 for the bulls to regain the technical momentum. In the meantime, until further notice, we'll continue to err on the side of caution, knowing plenty of opportunities lie ahead when things settle down. KEY EARNINGS REPORTS Companies reporting earnings today (May 18) include: ADI, BAH, CSCO, HRL, LB, LOW, PGR, CRM, SPLS, SNPS, TTWO, TGT, URBN and WSM There are no key earnings reports due out today Companies reporting earnings (May 19) include: AAP, AMAT, ADSK, DKS, GPS, ROST and WMT ADDITIONS TO WATCH LISTS: Not meaning to sound like a broken record but 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 almost 3% today. 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