EB Watch List Update Report

MARKET NOTE: Dear Members: In Friday's update I pointed to the next key resistance level on the S&P to be near 2200. It's not there yet but the S&P only needs another 6 points to hit another milestone. We've also got both the Dow and NASDAQ at new record highs; traders can't get enough of stocks it seems. Tech stocks are once again leading the way and are technically overbought with stochastics of 97 and a RSI over 70. The VIX is flat; still close to historically low levels. The very stretched NASDAQ is signalling that we need at least some type of pullback which wouldn't be a bad thing. In fact it might attract even more buyers who have missed the strong move higher. Though the S&P and Dow are not technically overbought, a few more days of positive action could change that. But for the moment there's still more room to move to the upside if traders continue to pour money into the market. For the moment the range on the S&P is 2200 to the upside and 2169 to the downside. And barring an out of the blue event we could see the S&P reach that 2200 level at which point traders will need to decide if it can go even higher. KEY EARNINGS REPORTS Companies reporting earnings today (August 15) include: There are no key earnings reports due out today Companies reporting earnings tomorrow (August 16) include: CREE, DKS, HD, TJX and URBN ADDITIONS TO WATCH LISTS: Will keep members posted on any new additions to the Watch List 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 - This stock is struggling to make further progress to the upside. It needs to reverse soon and close back above $34 or it could move lower. CIEN - Stock is up close to 2.75% today and a close above $21.68 would be very bullish. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins, EarningsBeats