EB Watch List Update Report

MARKET NOTE: Dear Members: Today we've got new record highs on both the S&P and NASDAQ as traders continue to show an appetite for being long stocks. Only the DOW remains below its all time high as blue chips lag; this is a tech led rally. Right when the NASDAQ has hit an all time high it is very extended with stochastics nearing 100 and a RSI over 70. But so far that has not deterred the bulls. We've also got to go back a full year to see the VIX at the current level. And we've got the equity only put/call ratio remaining in the 50's; there is no fear in equity land. Generally the combination we're seeing would lead to a pullback but the bulls are wanting none of that. The S&P isn't as technically stretched as the NASDAQ but it's extended nonetheless. It's currently just above 2187; I said a while back that the bulls might be aiming for 2200 which is now easily within striking range. Though the market is strong here it's at a level that makes it very tough to chase. For sure it could go higher but it's going to get tougher the more overbought it gets. Now that the NASDAQ is in new territory there's no historical data showing what might be next. Perhaps 5250, a nice round number. For now we need to assume that any pullbacks will be seen as a buying opportunity. That could change but with investors knowing they can't get any yield by keeping their money in the bank they might continue to focus on stocks, at least in the near term. KEY EARNINGS REPORTS Companies reporting earnings today (August 9) include: CHTR, LNG, COH, KODK, EXC, MBI, SCTY, TRCO, VRX.TO, DIS, W, YELP and ZBRA Companies reporting earnings tomorrow (August 10) include: ARMK, PRU.L, RL, SLW.TO and WEN ADDITIONS TO WATCH LISTS: We added HAWK to the Watch Lit yesterday and all important details have been added to the site. I will be looking for some new opportunities, especially if we can get a pullback from these lofty levels. 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 HAWK - Stock is quickly moving into oversold territory and trying to find some footing near $33. At a minimum would like to see it close back above yesterday's close of $33.10 and a move and close back above $34 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins, EarningsBeats