EB Watch List Update Report

Dear Members: MARKET NOTE: Three major banks reported their earnings this morning. Two of the three are trading lower with one slightly higher. Welcome to earnings season! This follows Alcoa's earnings report earlier in the week with the stock losing 17% within a few trading days of releasing its numbers. So far trader's aren't overly impressed with those earnings that have been released this week and it's resulted in all of the major indexes struggling technically. We did see yesterday that the bulls were able to hold key support in the 2120 range with buyers coming in when the S&P touched 2114. And today we're seeing some follow through buying. And the VIX is down 5% today after spiking sharply the past few sessions on increased fear. But we did see a lower low on the S&P yesterday; a level not seen since early July. Traders continue to assess the probability of a rate hike a day after the Fed minutes from its last meeting were released. We're also now just a few weeks from the election, so a lot of uncertainty which trader's never like. At this point we need to respect the fact that all of the major indexes are below key technical levels. That favors the bears with the trading range on the S&P now 2114 to the downside and 2164 to the upside. KEY EARNINGS REPORTS Companies reporting earnings today (October 14) include: C, JPM, PNC and WFC Companies reporting earnings Monday(October 17) include: BAC, HAS, NFLX, UAL and VRX.TO ADDITIONS TO WATCH LISTS: Over the next 2-3 weeks thousands of companies will report their earnings. We'll be scouring the market to see which companies beat expectations and have good looking charts. These will be added to our Candidate Tracker as appropriate. Will let you know if there are any additions to the Watch List. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List There are no Mid Cap stocks on the Watch List at this time. Small Cap Watch List DV - Stock is struggling after moving higher yesterday. Needs to close back above $23 at a minimum to remain technically healthy. EAT - This stock tried unsuccessfully a few times earlier in the week to clear its 50 day moving average. At a minimum would like to see it close back above its 20 day moving average, now at $50.87 to get back on track. DELETIONS FROM OUR WATCH LISTS: None at this time I want to wish everyone a restful weekend and I will be back with my EB Watch List Update Report Monday morning. At your service, John Hopkins EarningsBeats