EB Watch List Update Report

MARKET NOTE: Dear Members: The bulls showed once again yesterday that they have no interest in turning momentum over to the bears. Right on cue buyers picked up long positions exactly at the 20 day moving average on the S&P with all of the major indexes higher on this Fed rate decision day. Also, just when it looked like the VIX might spike even higher yesterday, it has settled down some today though it continues to hover right around its 20 and 50 day moving averages, neither hugely bullish or bearish. Clearly today's Fed announcement could help determine the near term direction of the market. Will it carry a more hawkish tone or will the Fed convey a "wait and see" message that might be considered more dovish? Whatever they end up saying does have the potential to move the market significantly one way or another with traders knowing the Fed won't be looking at any further action until June at the earliest. The good news for us is we've got a good handle on the current range on the S&P which is 2400 to the upside and now 2360, the 20 day moving average, to the downside. It's quite possible that very soon we'll see the S&P either revisit its all time high or finally fall below its 20 day moving average with an acceleration in selling. Of course we could continue to see the market consolidate as well though the door is open to moving out of the current and narrow trading range. Right now it makes sense to wait and see how the market responds to the Fed announcement. It's not uncommon to see a knee-jerk reaction after these types of events before the "true" reaction sets in. So I'm thinking we'll be in a better position to assess sometime later today and then tomorrow. KEY EARNINGS REPORTS Companies reporting earnings today (March 15) include: NSU.DE, JBL, ORCL and WSM Companies reporting earnings tomorrow (March 16) include: ADBE and DG ADDITIONS TO WATCH LISTS: 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 cleared $27 earlier in the session but has pulled back some since then. It really needs to clear its 20 day moving average, now at $27.41, to put it in better technical shape. 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