EB Watch List Update Report

Dear Members: MARKET NOTE: As pointed out in my Market Update yesterday when the masses are all long in unison it is a perfect set up for a correction. This is exactly what we are seeing today. The selling today is also causing technical damage on all of the major indexes. Just look at the VIX, up 20% as fear has kicked in big time. The culprit today? It's being blamed on the Fed with utterance of a rate increase in September. Personally, I don't buy it, but it doesn't matter what I think. The market is speaking to us today. Both the Dow and S&P have moved below both their 20 and 50 day moving averages while the NASDAQ has moved below its 20 day. So this isn't just an ordinary pullback. In looking at the charts I see support in the area of 2139 on the S&P and 5145 on the NASDAQ. Of course traders could jump back in on the long side here but that huge spike in the VIX is flashing extreme caution. So we'll continue to be cautious here as we have been for a while with the good news being once the dust settles we should have some great buying opportunities. KEY EARNINGS REPORTS Companies reporting earnings today (September 9) include: KR Companies reporting earnings Monday (September 12) include: There are no key earnings reports due out on Monday ADDITIONS TO WATCH LISTS: We added LCI to our Watch List yesterday and FL today. More on LCI below. 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 LCI - Stock has pulled back to our second entry point of 30.90. We have a stop of a close below the 50 day moving average, currently at 30.49. DELETIONS FROM OUR WATCH LISTS: No deletions at this time. I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins EarningsBeats