EB Watch List Update Report

MARKET NOTE: Dear Members: In being objective, the market has been overdue for a pullback for a while. We did see some selling earlier last week but it didn't last long. In fact the NASDAQ and S&P hit fresh highs earlier this morning on the heels of the much stronger than expected jobs report. Now we're seeing some selling today, but not much. Instead, traders remain very bullish, looking to buy on any dips. And the VIX remains close to historic lows which is just a few points lower. Making the strong showing of late so impressive is it is happening during a period of the year that historically has favored the bears. But the bulls are having none of that. They like the fact that central bankers around the world have agreed in unison to keep rates low for an extended period of time. And it's hard to argue with the strong jobs report that shows the economy might not be as bad as many expect. The bottom line is it is very tough to be bearish here. At the same time, the non-stop move higher makes it tough to get aggressively long; every day the market moves higher stocks get stretched more. So this is a time to focus on individual stocks, those that have beat earnings and might remain strong even on a market pullback. It's certainly hard to make an argument to go short here, even with the NASDAQ technically overbought. Just too much interest on the pullbacks. The S&P touched 2185 today so that is the new level of resistance. It's never been that high before so there's no measure of what might be next. But 2200 seems like a logical target for the bulls. If we do see selling pick up the bulls will be looking to hold the 20 day moving average now at 2158. The bulls managed to successfully hold the 20 day twice last week so they will be looking to do the same on any revisit back to that level. KEY EARNINGS REPORTS Companies reporting earnings today (August 8) include: AGN, DF, HHC, MSG, NWSA, PHH and TSN Companies reporting earnings tomorrow (August 9) include: CHTR, LNG, COH, KODK, EXC, MBI, SCTY, TRCO, VRX.TO, DIS, W, YELP and ZBRA ADDITIONS TO WATCH LISTS: I have spotted a few stocks on our Candidate Tracker that have high reward to risk attributes. I wouldn't mind getting them even cheaper. Will advise members via email if they will become active 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 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. At your service, John Hopkins, EarningsBeats