EB Watch List Udpdate Report

MARKET NOTE: Dear Members: The bears got a few licks in yesterday after the market had gotten ahead of itself. The S&P tested its 20 day moving average for the first time in a month and some much needed steam was let out of the extremely overbought NASDAQ. Now today the bulls are trying to regain the momentum but traders are reluctant to get aggressively long; a bit less enthusiasm today than Monday. We saw the first sign of some nervousness yesterday when the VIX spiked above its 20 day moving average; it's back below so far today but off the recent lows when there was zero fear. In fact that lack of fear and the extended oscillators was quite the recipe for a pullback like we saw yesterday. We should keep in mind that a lot of very visible companies have already reported earnings so traders now have a good idea of what the second quarter looked like overall. And we saw some nice results, but immediately it becomes, what's next? From a trading perspective the next big event will come Friday when the monthly non-farm payroll numbers will be released. It's certainly important to the Fed, especially after the weaker than expected GDP report from last Friday. So far the S&P has held its 20 day moving average today; it touched it before bouncing slightly. But again the enthusiasm we saw leading up to the most recent all time high just below 2180 has cooled some. Still, it wouldn't take much to get traders re-interested in nibbling on this pullback. The S&P got as high as 2170 yesterday so that will be the first level of resistance. To the downside we saw the S&P touch 2147 so that is a level the bulls know needs to hold or face further selling. From my perspective I think it makes most sense to see what happens as the day progresses; I wouldn't be jumping in here on the long side, especially since we saw how quickly the selling can pick up when traders get any inkling that a top might be in. KEY EARNINGS REPORTS Companies reporting earnings today (August 3) include: ALL, CABO, CLX, CON.DE, DLPH, D, DYN, FSLR, GDDY, HLF, HUM, ICE, JCOM, LNC, MRO, MET, OXY, PGR, PRU, RRD, GLE.PA, SUN, TSLA, TWX, RIG and WU Companies reporting earnings tomorrow(August 4) include: ADS.DE, ALU.PA, APA, BLL, CHK, DUK, FRT, FEYE, FLR, HAR, HSIC, IRM, ITT, K, LNKD, LGF, MGM, MHK, MNST, NOKIA.HE, PH, PCLN, SIE.DE, SYMC, TTWO, TRIP, VIAB, ZG and ZNGA ADDITIONS TO WATCH LISTS: We'll continue to hold off on any new alerts for now 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 Mid 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: At your service, John Hopkins, EarningsBeats