EB Watch List Update Report

MARKET NOTE: Dear Members: Traders are taking in some profits today a day after the NASDAQ hit an all time high and the S&P fell just short of its all time high. The selling is contained; as usual traders seem to be willing to buy on most dips these days. But we're seeing how tough it is to make much more progress as well, so a bit of a stalemate here. In looking at the S&P it stopped dead in its tracks when it revisited the 2193 level. Traders need more to work with in order to make a new high. But we keep seeing the S&P hold when it needs to at its 20 day moving average. Thus we've seen the S&P in consolidation mode for a full month now going back to mid July. A bit of a different picture in the VIX today which is up over 5% and back over its 20 day moving average. So a hint of fear; maybe traders are feeling weary, and who can blame them? Generally when you have an extended period of consolidation its a hint that something significant might be around the corner. Thus we might be looking at a major breakout or a decent pullback. The bulls will argue that the market is setting up to move higher; they do have recent action on their side. The bears will say the market is overvalued; but that doesn't seem to bother traders at this exact moment in time. So far the historically bearish time of the year has not been a factor. But, could that change? Let's remember that the month of September is not kind to traders. So we've got some valid arguments all the way around which to me sends up the caution flag, especially since the upside potential in the very near term could be limited while any selling that starts to pick up steam could take stocks a lot lower. In the meantime the range on the S&P is now 2193 to the upside and 2175 to the downside. KEY EARNINGS REPORTS Companies reporting earnings today (August 24) include: HPQ, PVH and RY.TO Companies reporting earnings tomorrow (August 25) include: BRCD, DG, DLTR, GME, MIK, SHLD and TIF ADDITIONS TO WATCH LISTS: No new additions at this time 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 DELETIONS FROM OUR WATCH LISTS: No deletions at this time At your service, John Hopkins EarningsBeats