EB Watch List Update Report

MARKET NOTE: Dear Members: The Fed did its thing yesterday, raising the Fed Funds rate by 25 basis points with a positive reaction from the market. Today the market is giving up some of those gains but all of the major indexes are now above all key technical levels. There's going to be a camp that says the market has topped which is a possibility. But in looking at the VIX it is showing that traders continue to remain comfortable being long stocks; there's no strong desire to dump stocks. The NASDAQ really perked up the past few sessions as it touched its recent all time high yesterday. So seeing some selling after taking a second shot at making a new all time high makes sense. While the NASDAQ was making a second try at making a new high the Dow and S&P have come up short. Yet both remain within striking range of their respective all time highs as well. We've seen time and time again over the past four months that traders have been more than willing to jump in on any pullbacks. They're going to get another chance today. The S&P is now right in the middle of its trading range which is 2400 to the upside and 2262 (the current 20 day moving average) to the downside. As long as the 20 day holds we have to give the bulls the upper hand. We should remember that options expire tomorrow which could explain some of the action today as options puts and calls are squared today and into Friday's close. Bottom line: The selling today so far is very orderly. The bulls must be respected here as long as the S&P continues to hold its 20 day moving average. KEY EARNINGS REPORTS Companies reporting earnings today (March 16) include: ADBE and DG Companies reporting earnings tomorrow (March 17) include: PGR and TIF ADDITIONS TO WATCH LISTS: We added CBM to our Watch List yesterday with more information below under the Small Cap section. I'm looking at some trade possibilities and 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 its 20 day moving average earlier in the session before pulling back some. Now we need to see it close above that level, now at $27.44, which would be bullish. Mid Cap Watch List None at this time Small Cap Watch List CBM - We added this stock to the Watch List yesterday with the stock moving over $51 before pulling back some today. Would like to see the stock close above yesterday's close of $50.75 which would be bullish. DELETIONS FROM OUR WATCH LISTS: At your service, John Hopkins EarningsBeats