EB Watchlist Update Report

MARKET NOTE: Dear Members: The early action this morning is in someways representative of what traders are feeling these days; uncertainty. I refer once again to the VIX which is currently sitting right on its 20 and 50 day moving averages which have converged. It's not bullish and its not bearish; its neutral but could go either way on any type of significant news/development, positive or negative. On the one hand traders are worried about missing any further move to the upside. On the other hand, traders know how much the market has run since early November and don't want to be stuck too long in case we do see a meaningful correction. The bulls do have a few things in their favor. First, all of the major indexes remain above key technical levels; the bears have been unable to inflict any technical damage. Next, momentum remains strong, even with the little bit of selling we've seen over the past week. In addition, the "mystery" associated with the Fed - will they raise in March or not - has pretty much been solved; they will and this doesn't seem to bother traders one bit. And oil has been slammed this week, something that would have had a negative impact on the overall market a while back, but today is being ignored. There's even been a much higher level of uncertainty of late but even that has been unable to derail the market. What do the bears have going for them? Not that much except pointing to the big gains in the market over a very short period of time that does keep traders wondering if their might be a further pullback. Traders do continue to show interest on pullbacks; every time it looks like selling is ready to accelerate there are willing buyers. Bottom line: the bulls are dogged here; they don't want to turn the momentum over to the bears, at least not yet. Key at the moment; can the S&P hold above its 20 day moving average, now at 2355. The longer it does the better shot the bulls have at revisiting the recent all time high of 2400. A move and close below the 20 day should be taken seriously; it's held above that level for four months now and could spook traders should it fail to hold the 20 day. KEY EARNINGS REPORTS Companies reporting earnings today (March 9) include: DOM.L, FNSR, IGT, FIZZ, SPLS and PAY Companies reporting earnings tomorrow (March 10) include: MTN ADDITIONS TO WATCH LISTS: Will continue to be very selective in the near term and notify members via email on any additions to the Watch List. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List ARNC - Stock is trying to hold above the low from the past two sessions of $26.65. Should that go then our second entry price at $26.35 could come into play. A close back above $27 could signal the worst of the selling is over. 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