EB Watch List Update Report

MARKET NOTE: Dear Members: The bit of selling we're seeing this morning seems a pittance compared to the run up to yesterday's all time highs. But when the market is as overbought as it is right now you have to start somewhere. It's worth noting that a highly visible IPO - Snap, Inc - opened for trading today. This stock is very oversubscribed with an opening price well in excess of what was originally anticipated. Some will argue that they could not be coming online as a new publicly traded company at a better time. Others will say that this is one more sign that the market has gotten way ahead of itself with the company way overvalued relative to its revenues and negative earnings. The market of late has shown tremendous resiliency that has included buyers jumping in on any and all pullbacks irrespective of the overbought conditions. This makes sense considering the overall bullish percentage has risen dramatically; no one likes to miss out on rallys. I also noticed the equity only put call ratio has fallen sharply to .53; that's on the low end of the spectrum. The VIX remains above key technical indicators and as I pointed out yesterday the 20 day moving average has crossed above the 50 day; this could result in the VIX moving higher which in turn could at least catch the attention of traders that more selling could be in store. I want to point out that the overall momentum still favors the bulls; traders want to be involved in stocks. At the same time I cannot stress enough that it would be much more healthy for the market if we got a decent pullback. The market is simply too euphoric for my taste and I urge members to remain patient as we wait for much better reward to risk opportunities. KEY EARNINGS REPORTS Companies reporting earnings today (March 2) include: ADSK, CON.DE, COO, COST, JOY, KGX.DE, KR, MRVL and SPLS Companies reporting earnings tomorrow (March 3) include: PGR and REV ADDITIONS TO WATCH LISTS: Will keep you posted if are any new trading alerts BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List None at this time Mid Cap Watch List None at this time Small Cap Watch List None of this time DELETIONS FROM OUR WATCH LISTS: None at this time. At your service, John Hopkins EarningsBeats