EB Watch List Update Report

Dear Members: MARKET NOTE: The Fed has come and gone and so far traders like what they heard. In fact the NASDAQ has now hit a fresh all time high while the S&P is back above all key technical levels. The VIX is down by over 7% as it now is below all key technical levels. I see all of this as a positive development. What's funny is the almost immediate chat about whether or not the Fed will raise rates in December. Too funny! That is so far away right now that it just cannot be taken seriously. What we do know is they stood pat yesterday and that's all that matters right now. NOW...what becomes key now is the S&P holding its 50 day moving average, now at 2168. If it can hold here we might have a shot at a revisit of the all time high of 2193. But it's not a slam dunk. In fact, now that the NASDAQ has hit an all time high, where might it go next? It got as high as 5335 so to me the next level of resistance is likely to be around 5350. The NASDAQ is not yet technically overbought but it's getting close. So it becomes difficult to get overly aggressive in the tech sector; it's up over 200 points since the most recent bottom on September 12. But it is also very difficult to short here; momentum is quite positive. Thus it's one of those times to try to pick and choose carefully high reward to risk opportunities. So right now the range on the S&P is 2168 to the downside and 2193 to the upside. We'll see if the bulls can maintain control here. So far they're doing a good job. KEY EARNINGS REPORTS Companies reporting earnings today (September 22) include: AZO and RAD Companies reporting earnings tomorrow (September 23) include: There are no key earnings reports due out tomorrow ADDITIONS TO WATCH LISTS: We added LCI today at an entry price of $29.75 (price at email alert) with a tight stop of a close below $29.23 and a price target of $32.50. Strictly for a bounce with a high reward to risk if it goes in our favor. 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 off its high of the day of $64.28 as it got closer to our target of $65. Don't hesitate to raise your stop if you have nice profits. If the market remains strong ROST should go along for the ride. 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