EB Watch List Update Report

MARKET NOTE: Dear Members: We've got a brand new trading day and week with options expiration behind us. Earnings season has wound down. And fear has increased this morning with the VIX up over 12% as traders wonder if a top is forming here. There's great anticipation for the annual Jackson Hole event that will include a speech from Fed chairwoman Janet Yellen on Friday. And it's coming at a time when the market is wondering if the Fed is going to raise rates either in September or December when the FOMC will meet. The market has shown great resiliency of late with the bulls able to hold all of the major technical levels on the S&P including the 20 day on the most recent, short lived pullbacks. Yet it has stalled since all of the major indexes recently hit their all time highs. In fact the S&P has made no progress in over a month, with traders looking for concrete reasons to go long. To me this indicates the need for some additional selling or the market will continue to remain stuck. Right now the 20 day moving average on the S&P is at 2174. The S&P got within a point of that level earlier in the session before bouncing some. So we're still seeing some buying on the dips, but could that change soon? To me its too risky to try and guess; it's a time to go slow here, see if the 20 day on the S&P holds and if not, let the selling take place for better entry opportunities. KEY EARNINGS REPORTS Companies reporting earnings today (August 22) include: There are no key earnings reports due out today Companies reporting earnings Monday (August 23) include: BMO.TO, BBY, SJM and TOL ADDITIONS TO WATCH LISTS: PLEASE NOTE: We updated the Candidate Tracker this weekend so there is a new batch of companies that beat earnings expectations for members to review. Some of these might 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 HAWK - This stock took a shot at its 20 day moving average earlier in the session but failed. If it can regroup and close back above $33.66 that would be very bullish. CIEN - Stock is higher even with the market struggling. Still would like to see it close back above $21.88 (which happens to be the high of the day) which would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins EarningsBeats