EB Watch List Update Report

Dear Members: MARKET NOTE: First, for those who are interested I will be conducting a webinar today at 4:30 pm eastern to discuss where I think the market will be heading in the near term. This will come after today's Fed rate announcement so could prove to be timely. If you want to participate just click on the link below and you will be sent room instructions prior to the session. I expect a full house so make sure you come into the room at 4 pm when it opens. In case you are unable to make the event or get into the room you will have access to a recording to watch at your leisure. http://www.earningsbeats.com/public/Where-might-the-Market-be-Heading.cfm The market got through the Bank of Japan rate decision and now the Fed is up next. All of the major indexes are higher but are well off of session highs. For the second day in a row I'm seeing a black candle forming on the NASDAQ. This often means a reversal could be coming. This could completely change by day's end, especially depending on the market's response to the Fed rate announcement at 2 pm eastern. But if the market stumbles once the Fed announcement is out of the way it could indicate a near term top is in. The S&P got within a few points of its 50 day moving average before selling kicked in. So it's having a tough time, as is the Dow, in getting back over key technical levels. The VIX is down almost 7% which could be seen as bullish but it remains above both its 20 and 50 day moving averages which continues to show traders have one or two fingers on the sell button. This truly is a day where I feel we need to "wait and see" as the market could go either way here. Remember we've got two of the three major indexes technically wounded and the NASDAQ is showing a few signs of topping. Thus it makes sense to hold off for the next few hours and then reassess later in the day. KEY EARNINGS REPORTS Companies reporting earnings today (September 21) include: BBBY, KMX, GIS, FUL, MLHR, JBL, RHT and SCS Companies reporting earnings tomorrow (September 22) include: AZO and RAD ADDITIONS TO WATCH LISTS: Will hold off until later today and then see if it makes sense to issue any new alerts 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 was higher earlier in the session before pulling back some. $62.30 could be a level to enter on a further pullback. To the upside it would be a positive if ROST can close back above yesterday's close of $62.91. Our target remains $65 which could be affected by overall market action. 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