EB Watch List Update Report

MARKET NOTE: Dear Members: Back in September of last year the S&P was struggling to stay above its 20 day moving average. It remained quite weak until the election when it perked up. Ever since then it has managed to remain above its 20 day as traders saw any pullbacks as buying opportunities. Today we're seeing a true test as the S&P has touched its 20 day one day before the Fed makes its interest rate announcement. Just as this important technical test is taking place the VIX is higher by almost 7% and back above key technical levels as fear has ratcheted up a notch. The S&P is not alone today. Both the Dow and NASDAQ got close to their respective 20 day moving averages as well; the early weakness has been evenly spread throughout the market, including blue chips and tech stocks. Traders have welcomed pullbacks over the past several months as there haven't been many. They've been seen more as an opportunity rather than a reason to worry. So far the Fed rate announcement that will take place tomorrow has been taken in stride; they're going to raise rates. Perhaps traders woke up this morning and started thinking that increased rates might not be as good for stocks as they've believed, especially if the Fed signals the possibility of multiple hikes. So we're seeing traders get more defensive, "just in case." For those who might wonder how closely the market pays attention to key technical levels the 20 day moving average on the S&P is 2358.18. The low of the day? 2358.18. So yes, it does matter and this is the number I will be keeping an eye on as the day progresses as a close below that level could set the stage for more selling while another hold could show the bulls aren't ready to roll over quite yet. KEY EARNINGS REPORTS Companies reporting earnings today (March 14) include: DSW, TWNK and VOW3.DE Companies reporting earnings tomorrow (March 15) include: NSU.DE, JBL, ORCL and WSM ADDITIONS TO WATCH LISTS: Going to watch action later today and go from there. Will let you know if I spot a stock worth considering. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List ARNC - Stock is fairly flat for the day as it continues to consolidate. Still like to see it close back above $27 to regain some momentum. Mid Cap Watch List None at this time Small Cap Watch List None of this time DELETIONS FROM OUR WATCH LISTS: At your service, John Hopkins EarningsBeats