EB Watch List Update Report

Dear Members: MARKET NOTE: We've got a bit of a mess this morning with all of the major indexes lower following yesterday's FOMC minutes that pointed to a possible rate increase in June. It's not a total surprise but obviously enough to catch a lot of traders off guard. But I did point out yesterday that I couldn't find a good reason to be long; the market just wasn't behaving properly. The move lower today shows the NASDAQ slightly below the most recent low on May 6 of 4684. In addition, the S&P is now within 15 points of its 200 day moving average which is at 2011. Now the BIG question becomes; has the selling been overdone? Remember, the Fed said there might be a June increase IF economic reports leading up to their next meeting are solid. We saw just this morning that the Philadelphia Fed was quite weak. So, it wouldn't be totally surprising to see some nibbling here, or certainly if the S&P does test that 2011 level. None of the major indexes are technically oversold, but they're getting close. And if the S&P gets to 2011, it might well be a great time to pick up stocks at cheaper prices. So, at this exact moment, we won't do anything else but wait it out, see what the afternoon brings, and then go from there. KEY EARNINGS REPORTS Companies reporting earnings today (May 19) include: AAP, AMAT, ADSK, DKS, GPS, ROST and WMT There are no key earnings reports due out today Companies reporting earnings tomorrow (May 20) include: CPB, DE and FL ADDITIONS TO WATCH LISTS: Once again, going to lay low here; wait to see if things improve. Could be some nice opportunities once the dust settles. 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 - This stock hit our price target of $43 today so we sent out a profit alert and it will be removed from our Watch List. GREAT TRADE! 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: We are removing STI from our Watch List. There are no other 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