EB Watch List Update Report

MARKET NOTE: Dear Members: The market is cooling off some today which is perfectly fine. In fact the recent move has been swift so some profit taking at this point makes a lot of sense and is necessary. The VIX is flat so certainly no change in mood; it's quite bullish. The S&P got close to 2157 so not far off of the 2160 level I thought might be hit. Now the question becomes, if the selling continues, where might it stop? The first level of support should be around 2137. If that goes we could 2130. Interestingly, the NASDAQ is right back to testing the 5000 level after getting as high as 5036 earlier in the session. So we'll want to see if that 5000 level holds as it could indicate there's more room to the upside in tech stocks which have been lagging. The major indexes do remain stretched some; stochastics are still too high. But we might see traders willing to pick up stocks on any selling. Still, at this point some additional selling could help to relieve what became overbought conditions; the S&P has climbed over 8% in just a few weeks. So this would be a good time to be patient and wait for some better risk to reward opportunities knowing that the bullish undertone lives. KEY EARNINGS REPORTS Companies reporting earnings today (July 13) include: CSX, KMI and YUM Companies reporting earnings tomorrow (July 14) include: BLK, DAL, JPM and PGR ADDITIONS TO WATCH LISTS: Please note that we have identified a new batch of stocks to our Candidate Tracker which we are in the process of adding to the site. We'll let you know when these are available. This will present some fresh trading opportunities, especially if we see a pullback after this nice move higher. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List NWL - Stock has slipped some today and a close above $49.46 would be very bullish. Mid Cap Watch List 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 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