EB Watch List Update Report

MARKET NOTE: Dear Members: Evidence of an overbought market has come into play today with all of the major indexes lower as we begin a new trading day and week. The selling we are seeing has been overdue for some time now and finally is relieving what were extremely overbought oscillators. Even now the Dow has an RSI of 70 showing how much it has been stretched for some time now. Interestingly the VIX, though higher, remains below all key technical levels; traders so far do not seem very concerned with the selling we've seen over the past few sessions. And so far all of the major indexes remain above all key technical levels. The bulls are likely feeling pretty good considering the Fed sent a loud and clear message that they will be raising rates at their meeting next week. What might change that? A weak jobs report when the non-farm payroll numbers are released this Friday. Traders will be assessing if the market has topped or if the market is simply pausing for the next move higher. We know the high on the S&P is 2400 so this is now key resistance. To the downside the 50 day moving average is near 2350 so that will be the first key technical level of support. Given the bullish momentum we've see for quite some time now we might well see traders looking to pick up stocks at lower levels. But it makes sense to see what happens as the day progresses as selling could most definitely intensify. KEY EARNINGS REPORTS Companies reporting earnings today (March 6) include: KFY Companies reporting earnings tomorrow (March 7) include: HRB, MIK and URBN ADDITIONS TO WATCH LISTS: PLEASE NOTE. We have added over 60 stocks to the Candidate Tracker and will be adding another batch later today. Some of these could become trade alerts, especially as they become high reward to risk candidates. Will keep you posted. 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