EB Watch List Update Report

Dear Members: MARKET NOTE: Its options expiration Friday with a twist. It's Quad Witching expiration that happens the third Friday of the end of each quarter where options of all asset classes are squared. This includes stocks, where volatility has been rampant all week long. So far all of the major indexes are lower on mixed economic reports from this morning. But the consumer confidence report came up light, something the Fed is likely to include in its discussions when they meet to discuss rates next Wednesday. The yield on government bonds is lower today with the ten year yield now at 1.69. That's worth noting as it's down from the recent high of 1.75 as traders rethink the possibility of a rate hike during this upcoming meeting. In other words, not very likely. As usual the NASDAQ continues to show the most strength of the major indexes. It got close to its 20 day moving average earlier in the session and bounced right on cue. The same cannot be said for the DOW and S&P which remain below their key technical levels. Its pretty clear where support is on the S&P. It's right around 2120, a level it has visited the past four sessions. So an important level to hold on further selling. After that we're looking at support near 2105. To the upside it has an awful lot of work to do to reclaim its 50 day, now at 2167. The bulls will argue that the selling isn't warranted. But Apple alone cannot keep the market aloft though its certainly helped keep the NASDAQ from falling even harder. From my perspective I'm in no rush to get involved on the long side at this particular moment. Just too risky. We've got the weekend coming, the Fed ahead in just a few days and we all know that September has a reputation of being the weakest trading month of the year. Added together it just makes sense to focus more on preserving capital. KEY EARNINGS REPORTS Companies reporting earnings today (September 16) include: There are no key earnings reports due out today Companies reporting earnings Monday (September 19) include: There are no key earnings reports due out Monday 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 down slightly as it trades between its 20 and 50 day moving averages. A close below $61.35 could result in additional selling while a close above $62.05 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. 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