EB Watch List Update Report

MARKET NOTE: Dear Members: Today its all about jobs with traders cheering the better than expected monthly non-farm payroll report. It was positive in all respects, from the number of jobs created, to the unemployment rate to average hourly earnings. And though the strong results could put a Fed rate increase on the table, traders will worry about that later. Interestingly, the S&P continues to hang out near the 2180 level with the Dow well below its most recent all time high. Instead, this is a tech led rally, with the NASDAQ within just a few points of its all time high of 5231. So the NASDAQ has now caught up with the S&P in testing its all time high. The VIX is down by almost 10% as it touches a level not seen since August of last year. So the fear level has been taken down a notch. Now the question becomes, can the bulls take the NASDAQ to a new all time high? They've done it with the S&P after holding important support earlier in the week. As usual, the market close becomes important; can these nice gains hold? If so, the market could be setting up for a move higher. Should the gains evaporate, that could raise some concerns. But for the moment, this rally needs to be respected with the bulls continuing to show resilience, especially during a period that historically favored the bears. So, a close above 2180 on the S&P should be seen as bullish while a close back below 2170 could signal that traders aren't quite ready to go all in here. KEY EARNINGS REPORTS Companies reporting earnings today (August 5) include: AES, AMLP, CTSH, KHC, LMCA and WY Companies reporting earnings Monday (August 8) include: AGN, DF, HHC, MSG, NWSA, PHH and TSN ADDITIONS TO WATCH LISTS: Now that the jobs report is behind us, I will be looking closely at the stocks on our Candidate Tracker and let members know if I spot something that looks like a high reward to risk opportunity. 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: None at this time. 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