EB Watch List Update Report

Dear Members: MARKET NOTE: The bulls are trying to mount a defense here after being overwhelmed the past few sessions. So far all of the major indexes are higher as traders await the Fed rate announcement scheduled for 2:00 pm eastern. The S&P has reclaimed its 50 day moving average while the NASDAQ held at the important 200 day and is trying to recapture its 50 day. So a bit of technical progress today, at least a start for the bulls. The VIX has settled down as well, and is lower by almost 4% after sky rocketing the past few sessions. So less fear today though traders continue to keep one finger on the sell button. As far as the Fed rate announcement goes they are unlikely to raise rates today as that would be a big surprise to the market. They are more likely to say they will continue to watch economic progress to determine if/when a raise is warranted. Right now the bulls are hoping to remain above the 50 day on the S&P, now at 2077. Even better would be a move above the 20 day, now at 2087. If we do see renewed selling we'll need to keep an eye on yesterday's low of 2064 with 2052 the next level of support should that go. Bottom line at the moment: we need to be patient and wait for the Fed announcement. This way we won't be guessing how the market might react and can then go from there. KEY EARNINGS REPORTS Companies reporting earnings today (June 15) include: JBL, KFY and PGR Companies reporting earnings tomorrow (June 16) include: ORCL, RAD and KR ADDITIONS TO WATCH LISTS: Let's continue to lay low here and reassess later today BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List There are no Mid Cap stocks on the Watch List at this time. Small Cap Watch List OSK - This stock closed below our stop of $45.15 so is being removed from the Watch List. DELETIONS FROM OUR WATCH LISTS: We are removing OSK from the 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