EB Watch List Update Report

Dear Members: MARKET NOTE: Fed Chairwoman Janet Yellen is front and center today and tomorrow as she appears before Congress. So far her remarks are left open to interpretation but the market seems to remain in uncertainty mode with stocks having a tough time making any progress. In fact the NASDAQ is below both its 20 and 50 day moving averages while the S&P is hanging out near its 20 day and still below the 2100 level. Of course there's still plenty of discussion relating to the vote coming up on Thursday; does the UK remain as part of the European Union? At the moment polls support the notion that they will remain. But what's not certain is how the market will react, no matter the outcome. This is where charts come in handy as they capture the "whole picture." So in the case of the major indexes there's hesitancy for traders to get aggressively long, especially in tech stocks. Volatility remains elevated relative to the past 4 months but still quite low on an historic basis. But since we are dealing with the here and now we need to respect the fact that it remains above all key technical levels which should be seen as bearish or at least that traders remain in caution mode. This is the same mode I have been in for a while; nothing is screaming out to put much capital to work. Instead I believe we stick to capital preservation at the moment and adjust as necessary. KEY EARNINGS REPORTS Companies reporting earnings today (June 21) include: ADBE, KMX, CCL, FDX and LEN Companies reporting earnings tomorrow (June 22) include: BBBY, FUL, MLHR, RHT and SCS ADDITIONS TO WATCH LISTS: I realize it can be incredibly boring to not be active with alerts but continue to feel we need to proceed with caution until we see signals that warrant additions to the Watch List. 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 There are no Small Cap stocks on the Watch List at this time 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