EB Watch List Update Report

Dear Members: MARKET NOTE: It's day one of the FOMC meeting and so far all of the major indexes are higher. In what has become common of late, the NASDAQ continues to lead the way higher while the Dow and S&P lag. So the love fest with tech stocks continues. Right now the S&P remains in the middle of a trading range of 2168 to the upside and 2120 to the downside. Since there's no disproportionate reward to risk at the moment we can look at the charts and will see that both the Dow and S&P remain below both their respective 20 and 50 day moving averages. So the major indexes remain out of sync with only the NASDAQ remaining above all key technical levels. This makes it tough to make progress to the upside. Additionally, even though all of the major indexes have pulled back recently, none of them are technically oversold, particularly the NASDAQ. In looking at the VIX it is flat today. It also remains in the middle of a trading range; traders aren't as fearful as they were last week but they aren't feeling as confident as they were a few weeks back. All of this has to be taken into consideration as the Fed makes its interest rate decision tomorrow. We might find that the market has already built in different possibilities but its more likely that there will be a sizable move in the market by tomorrow afternoon. Thus it remains too risky to do much here but wait and see how the market responds to the decision and reassess from there. KEY EARNINGS REPORTS Companies reporting earnings today (September 20) include: ADBE, CCL, FDX and LEN Companies reporting earnings tomorrow (September 21) include: BBBY, KMX, GIS, FUL, MLHR, JBL, RHT and SCS ADDITIONS TO WATCH LISTS: Not going to add any stocks today; too risky. 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 flat today. It went slightly above resistance at $62.75 earlier before pulling back some. It's likely to move in concert with the overall market and holding $62.15 would at least keep it technically in tact while a close above that $62.75 level should be seen as positive. 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