EB Watch List Update Report

MARKET NOTE: Dear Members: The VIX put in another near term high this morning as it touched 16.07 before settling down some. At the same time the Dow and S&P are right back to being below both their respective 20 and 50 day moving averages after showing some signs of stabilizing earlier in the morning; traders are continuing to be defensive here. This is what happens when traders get fearful in unison; no one wants to be the first one to jump back in when so much technical damage has been done. This shift of momentum to the bears comes right before some major banks report their earnings tomorrow morning and as we near a holiday weekend. So far today the S&P has put in a higher low. Yesterday the low was 2337 which matched the low from March 28. So that is now an important support level. If that goes, 2322 is next. The S&P was also above its 50 day moving average earlier in the session before falling back below. So at a minimum the bears need to reclaim that level and even better would be a close back above the 20 day as well, now at 2356. I do want to point out that the VIX may have gotten a bit ahead of itself with a RSI at 70 and stochastics that show it might have run too far too fast. Nonetheless, it needs to be respected; traders continue to have more than one finger on the sell button. Bottom line: unless the bulls are able to move the S&P back above all key technical levels the bears must be respected. We do have some important earnings reports coming out tomorrow which could either help stop the selling or add fuel to the fire, depending on market reaction. KEY EARNINGS REPORTS Companies reporting earnings today (April 12) include: DAL and FAST Companies reporting earnings tomorrow (April 13) include: C, JPM, PNC and WFC ADDITIONS TO WATCH LISTS: Let's continue to 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 continues to hold 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