EB Watch List Update Report

MARKET NOTE: Dear Members: In yesterday's Market Update I pointed out concerns with the rise in the VIX. That has continued into today with the VIX up another 11% and with all of the major indexes under fire. So far there's been some technical damage today with the Dow and S&P now below both their 20 and 50 day moving averages and with the NUGT barely above its 20 day. This selling comes just ahead of earnings season and with traders worried that the market could move even lower. Gold is up sharply today while bond yields are lower as traders have decided to move into what they perceive as more appropriate assets that might provide more safety. The big question of course is this; are the bears satisfied with today's pullback or are they looking for even lower prices? For sure the selling was overdue. So far the S&P got as low as 2337 which matches the most recent low. But the key is whether or not traders take advantage of today's pullback or if they remain on the sidelines to see what happens by day's end. The 50 day moving average on the S&P is 2349 so that is an important level for us to keep an eye on. As a close below this level could lead to more selling. Also, back to the VIX. It got as high as 15.88 earlier in the day. The next key level of resistance is just above 17. So we could see the VIX move even higher which would favor the bears. Bottom line today is we need to remain in cautious mode. If the S&P closes back above its 50 day that might indicate the worst of the selling is over. But there's no reason at the moment to deploy more capital on the long side. KEY EARNINGS REPORTS Companies reporting earnings today (April 11) include: There are no key earnings reports due out today Companies reporting earnings tomorrow (April 12) include: DAL and FAST ADDITIONS TO WATCH LISTS: Let's hold off adding any alerts at the moment. Will let you know if that changes. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List None at this time Mid Cap Watch List None at this time Small Cap Watch List EXAS - Stock is holding up well relative to the market. fairly flat for the session but continues to remain above all key technical levels. A close above $23.56 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeat