EB Watch List Update Report

MARKET NOTE: Dear Members: Finally a bit of relief today as traders come to realize the market has gotten ahead of itself. Its not like we've got all out selling today. Instead a very orderly pullback - even if you want to call it that; the Dow is down a few points and the S&P is down 4. But all of the major indexes were green earlier in the session so at least a much needed pause in the action. Has this bit of selling spooked traders? Hardly. The VIX is up only slightly and the equity only put/call ratio remains very low near .50 which indicates a high level of complacency. Earnings season will kick into high gear next week which is going to give traders even more to work with. So far its been mixed but its way too early to predict what earnings overall will look like until we see a lot more reports. The S&P hit an all time high earlier in the session so a new target just below 2170. To the downside the bulls will continue to try to defend 2130 should it get that low. It remains a good time to sit back and watch and see if traders continue to buy on dips or take a break for a few days. KEY EARNINGS REPORTS Companies reporting earnings today (July 15) include: AMLP, C, PNC, USB and WFC Companies reporting earnings Monday (July 18) include: BAC, SCHW, EMC, HAS, IEX, IBM, NFLX, STLD, VMW and YHOO ADDITIONS TO WATCH LISTS: As a reminder, please note that we have added a batch of companies that beat earnings expectations to our Candidate Tracker. We now have over 100 stocks on the list and will be looking at carefully to see which ones present high reward to risk opportunities and might become trade alerts to our members. We're going to continue to hold off issuing any at the moment as the market seems too stretched here. 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 continues to consolidate 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. I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins, EarningsBeats