EB Watch List Update Report

Dear Members: MARKET NOTE: The market is getting some much welcomed relief today with all of the major indexes higher. This buying comes on the heels of some very weak economic reports this morning, giving the bulls added hope that the Fed will stand pat when they meet next week to discuss interest rates. Of course the fact that the economic data was weak doesn't seem to phase the bulls; they are more focused on the Fed. In looking at my update from Tuesday I noted that the NASDAQ had touched its 50 day moving average and as long as it held it would be a good level to nibble with a tight stop. Since then the NASDAQ has risen 100 points, having moved intra day back above its 20 day moving average. So now the key is this; can the NASDAQ close back above its 20 day? If so that would be a positive sign. If not then the bounce could quickly fade. I want to point a few things out. First, note that Apple has exploded to the upside since Monday, up more than 10%. Since it is the largest market cap company in the NASDAQ there is no question it is lifting the market along for the ride. Next, both the Dow and S&P remain well below both their respective 20 and 50 day moving averages. So to me the NASDAQ's overall move has to be questioned. Thus I will be watching closely to see if it can close above its 20 day, now near 5210. The VIX is down over 8% today after spiking big time earlier in the week. But its still at loftier levels than it has been for the past two months which to me indicates there is still at least one finger on the sell button. Bottom line: A nice relief rally after the recent selling. I'm not convinced that we're yet out of the woods. KEY EARNINGS REPORTS Companies reporting earnings today (September 15) include: ORCL and PGR Companies reporting earnings today (September 16) include: There are no key earnings reports due out on Friday ADDITIONS TO WATCH LISTS: Will keep you posted if I spot something that is worth taking a risk on. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List ROST - Stock is up almost .8% as it has so far held at its 50 day moving average. A close above $61.79 would be bullish. Mid Cap Watch List There are no Mid Cap stocks on the Watch List at this time. Small Cap Watch List There are no Small Cap stocks on the Watch List at this time. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins EarningsBeats