EB Watch List Update Report

Dear Members: MARKET NOTE: Once again the market is struggling to break out with all of the major indexes lower. For once the NASDAQ is leading the move lower though it retains its superior technical position. But the S&P is now trading between its 20 and 50 day moving averages; going nowhere fast. The VIX is up a few percent but it remains below all key technical levels; back to not much fear. So it's going to take even more selling to spook traders. Oil has taken center stage on news of the possibility of some type of cap on production that is to be announced sometime in November. It seems like just an announcement of some type of action down the road is enough to move oil higher even though OPEC has a reputation of poor follow through. I have noticed in looking at a chart of the NASDAQ that since its September 22 high any subsequent buying after pullbacks has included lower highs. So it appears as though traders are taking profits on any bumps higher rather than getting aggressive on the long side on pullbacks. Of course it wouldn't take much to get back to that all time high of 5342; it just might have to wait a while. It should be pointed out that tomorrow will be the last trading day of the month as well as the end of the third quarter. This could result in some additional volatility as money mangers place their final bets as the quarter comes to an end. The trading range on the S&P is now 2193 to the upside and 2120 to the downside. It is quite possible we will remain trapped in this range until companies begin to report earnings which will start October 10 when Alcoa kicks off earnings season. KEY EARNINGS REPORTS Companies reporting earnings today (September 29) include: ACN, CAG, COST and PEP Companies reporting earnings tomorrow (September 30) include: MKC ADDITIONS TO WATCH LISTS: Will keep you posted via email on any new trading 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 is up slightly and needs to clear the recent high of $64.62 to have a shot at our target of $65. Mid Cap Watch List There are no Mid Cap stocks on the Watch List at this time. Small Cap Watch List LCI - This stock continues to struggle and is down almost 4%. It is trying to hold at its 200 day moving average, now at $27. It's very oversold but that has not seemed to attract many buyers. As a reminder we have a stop loss of $28 so if it closes below that level it will be removed from our Watch List. DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins EarningsBeats