EB Watch List Update Report

MARKET NOTE: Dear Members: I pointed out in Friday's Market Update that the VIX was spiking in spite of stocks holding up well and to me that was a negative signal. Now today it's spiked even higher as it is back above 13 and is higher by almost 6%. It's having impact on the market as we begin a new trading day, week and month, with all of the major indexes lower. The pullback in the NASDAQ came just as it matched its all time high of 5928. This must have traders wondering if we've seen a near term top here, especially with the VIX showing fear has picked up substantially the past few sessions. Of course traders have been willing to jump in on dips for quite some time now. But that has mostly applied to the NASDAQ of late with the Dow and S&P struggling to make any progress. The month of April has a reputation for being good for stocks. But we're early in the month with traders showing some skepticism to go long stocks. This is a big week for economic reports including the FOMC minutes on Wednesday and the all important non-farm payroll report on Friday. Then next week the Alcoa will report its numbers as Q1 earnings season gets under way. We'll need to be careful here with the S&P hugging its 20 day moving average and the fear meter showing a weakening of trader confidence. If the S&P loses its 20 day, now at 2359, then 2337, the most recent low, could come into play. To the upside the S&P got as high as 2370 last week so that is a level the bulls will need to clear if they hope to take the market higher. KEY EARNINGS REPORTS Companies reporting earnings today (April 3) include: There are no key earnings reports due out today Companies reporting earnings tomorrow (April 4) include: AYI and HBC.TO ADDITIONS TO WATCH LISTS: None at this time; don't like the spike in the VIX. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List SRCL - Stock has taken two shots to clear its 200 day moving average, Friday and this morning, and a close above that level, now at $83.12, would be very bullish XL - This stock has been consolidating at its 20 day moving average but now is testing its 50 day, now at $39.60. Please remember that our stop loss is any close below the 50 day so if it closes below that level it will be removed from the Watch List. Mid Cap Watch List APO - Stock is up another 1.5% today and our target remains $25.68. Small Cap Watch List None at this time DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats