EB Watch List Update Report

MARKET NOTE: Dear Members: I have very mixed feelings about this market. On the one hand, even with the bit of selling we've seen recently, all of the major indexes remain above all key technical levels which is bullish. In addition, the VIX is back below all key technical levels as traders are showing continuing confidence in the market; you can't spook them easily. On the other hand, I'm searching for reasons to get aggressively long here; there's so much "swirling around" out there that it's tough to get a handle on; what's lurking out there that we don't know about, especially with a market that has been priced for perfection? The other thing on my mind is Friday's non-arm payroll report and the Fed rate decision meeting that will take place next week. Right now the market is counting on a 25 basis point hike which everyone is saying is good for the market. This might prove to be true but no one really knows how the market might react if and when the Fed actually announces the increase, especially if they signal further increases could be on the way. A way I might categorize the market right now is "no-man's land." I have to give the nod to the bulls but in the "back of my mind" I'm hesitant to put out any long alerts (even though I've spotted some that look decent) in fear the market could continue its move lower, possibly much lower. I learned a long time ago that when I am hesitant to put capital to work it's best to lay low which is what we have done for a while now. I still think there is more downside risk here than any upside reward in the very near term. The S&P is down 30 points from its all time high but almost 300 points off the November 4 low. Accordingly, I think we should continue to remain in cautious mode; there are worse things than sitting in cash and I'm still not interested in shorting the market; it's just been too strong. If we do see some additional selling I would watch for 2352 on the S&P, currently the 20 day moving average. That's an important level to hold as the S&P hasn't really spend any time below that level since early November. That might be a place to take a shot on the long side, depending on what the volume looks like if we do see further selling. KEY EARNINGS REPORTS Companies reporting earnings today (March 7) include: HRB, MIK and URBN Companies reporting earnings tomorrow (March 8) include: CIEN and TECD ADDITIONS TO WATCH LISTS: REMINDER. 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