EB Watch List Update Report

MARKET NOTE: Dear Members: It's Friday with the NASDAQ showing the most strength with the S&P and Dow slightly higher. The little bit of selling we saw yesterday at least put the brakes on the non-stop buying of late though all of the major indexes remain near overbought territory. Earnings continue to be received mostly warmly, helping to keep a bid underneath the market. The VIX is down slightly with the overriding mood in the market being bullish. While this week is coming to an end next week looms large with the Fed set to make its interest rate announcement and with Q2 advanced GDP scheduled to be released on Friday. There will be other key economic reports as well to go along with many more earnings reports. So I'm expecting volatility to pick up, and possibly significantly. In the meantime you can see that its not so easy to move the S&P higher here after the big run up to the most recent high of 2175. Instead, we've got a combination of profit taking as well as nibbling on the long side as traders keep one finger on the buy button. But the market remain vulnerable here; yesterday's mini-pullback was not enough to do the trick. We're going to need more selling in order to garner additional interest on the long side. For now we've got a range on the S&P of 2175 to the upside and 2130 to the downside. So to me the risk to reward remains to the downside even though the bulls might continue to push the market higher, even if at a snails pace. KEY EARNINGS REPORTS Companies reporting earnings today (July 22) include: AAL, AMLP, GE, HON, MCO and WHR Companies reporting earnings tomorrow (July 25) include: BOH, CR, DHR, ESRX, GILD, KMB, LVS, S and TXN ADDITIONS TO WATCH LISTS: Please note we will be adding a new batch of stocks to our Candidate Tracker that will you will have access to prior to the open on Monday. Some of these could become trading alerts. 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 is up slightly and a close above $49.29 would be bullish. Mid Cap Watch List There are no Mid Cap stocks on the Watch List at this time. Small Cap Watch List PLAY - Stock is up slightly and a close above 49.31 would be very bullish. 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 will be back with my EB Watch List Update Report on Monday morning. At your service, John Hopkins, EarningsBeats