EB Watch List Update Report

MARKET NOTE: Dear Members: It didn't take long for traders to buy on the dip with all of the major indexes regaining losses from yesterday. The primary interest today is in blue chips with the Dow closing in on its most recent all time high. Once again the VIX is showing traders are pretty fearless at the moment. And it's coming at what is often a more bearish time of the year. While the rebound from yesterday is impressive the problem we have at the moment is there could be a lid on the market in the near term. In other words, while the action is very bullish, we might be looking more at consolidation rather than a swift move higher. For example, even though the selling yesterday let some steam out of the NASDAQ it still remains near overbought territory, making it trickier to post big gains. In fact the NASDAQ got as high as 5233 earlier in the session, slightly below the most recent all time high of 5238. So it's going to take a lot of buyers getting aggressive in unison to clear the most recent high. But, it's possible this could happen; the mood right now is quite bright. And if the major indexes can clear their respective all time highs in unison we could see the market move even higher. KEY EARNINGS REPORTS Companies reporting earnings today (August 11) include: ARMK, PRU.L, RL, SLW.TO and WEN Companies reporting earnings tomorrow (August 12) include: JCP ADDITIONS TO WATCH LISTS: We added CIEN to our long Watch list earlier this morning and all details will be added to the site sometime today. 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 held perfectly yesterday after pulling back and is up today by 2.75%. A close back above $34 would be bullish. CIEN - Stock added as a long alert this morning at initial entry price of $20.51 and a price target of $23.60. A close above $20.99 today would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins, EarningsBeats