EB Watch List Update Report

MARKET NOTE: Dear Members: Happy St. Patrick's day! If you're wondering if traders are in worry mode these days I can assure you they are not. Just look at the VIX which got as low as $10.78 this morning even with a weak showing in stocks so far. If anything, things might be considered too complacent; no fear is sometimes a signal that the market is topping. On the other hand, we keep seeing that the market refuses to fold; traders are hanging in, waiting for the next move higher. There have been plenty of reasons for the market to move lower recently. We did see some selling when the major indexes simply got too overbought. But since then the selling has been very light. I will point out that even though the market has hung in nicely it has stopped advancing. However, we did see the NASDAQ touch its all time high yesterday as it tried to make the break higher. Sometimes it takes a few efforts to clear a major hurdle. I do believe the action today is mostly being driven by options expiration so that will be out of the way by the end of the day. The question we need to ask is what will it take for the market to make the next leg higher? The Fed rate increase is out of the way. We won't be getting major earnings reports for another month. Signals have been sent that tax reform might have to wait a bit. So perhaps the market will continue to consolidate for a while until something fresh comes up that the market is not expecting, either good or bad. In the meantime the S&P remains right in the middle of the current trading range of 2400 to the upside and 2364 to the downside. A stalemate! So best at the moment to be very selective, continue to trade lightly, keep tight stops "just in case" and take any decent profits that come along your way. KEY EARNINGS REPORTS Companies reporting earnings today (March 17) include: PGR and TIF Companies reporting earnings Monday (March 20) include: There are no key earnings reports due out Monday ADDITIONS TO WATCH LISTS: We added XL to our Watch List yesterday with additional information shown below. Going to lay low today and revisit Monday. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List ARNC - Stock continues to try to clear its 20 day moving average. Any close above that level, now at $27.44, would be a positive step forward. XL - This stock was added to our Watch List yesterday at an entry price of $39.92 and an initial price target of $41.15. Mid Cap Watch List None at this time Small Cap Watch List CBM - Stock is up by over 1% today and a close above $50.75 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time. I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins EarningsBeats