EB Watch List Update Report

MARKET NOTE: Dear Members: The market is showing a bit of weakness for the first time in the past few weeks. In spite of some blowout earnings by Amazon and Google, the NASDAQ has gone from a new all time high to giving up all of the days gains and has moved into negative territory. This isn't too surprising; the NASDAQ has gotten very overbought as earnings season matures. There are still plenty of companies set to report over the next two weeks but many of the most visible companies have already posted their numbers. The VIX is higher by 6% but still well below all key technical levels. It still shows plenty of optimism; traders haven't turned bearish, at least not yet. Perhaps a bit more concerning; neither the Dow nor the S&P has been able to clear an all time high. This begs the question; has the market hit a near term top? It might be too early to tell but as we get ready to close out the month of April traders are wondering if the strong showing of late can carry into May. Advanced Q1 GDP came out this morning, weaker than expected. But traders like to look forward, not backwards, with some hoping the weakness is behind us. But as earnings season starts to wind down over the next week or two traders will be looking for new catalysts to get involved on the long side. From my perspective we should be patient here; the market has rallied hard, especially the NASDAQ. And many companies have reported solid earnings and could become excellent trading candidates. I just don't want to chase them; let them pullback to key support levels so the reward to risk favors us. In the meantime, the range of the S&P is currently 2400 to the upside and 2363 to the downside. It's pretty much smack in the middle of the range. So let's at least see what happens as we move into the weekend and revisit on Monday. KEY EARNINGS REPORTS Companies reporting earnings today (April 28) include: B, CPN, CVX, CL, XOM, GM, GT, HMC, HST, PSX, ROP, RBS, RCL, SAVE, TRI, UBS, VLP and WY Companies reporting earnings Monday (May 1) include: AMD, AGU, CAH, DO, DISH, DNB, L, SBAC and THC ADDITIONS TO WATCH LISTS: None at this time. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NVDA - Stock is fairly flat. A close above $106.07 would be bullish. Mid Cap Watch List None at this time Small Cap Watch List None at this time DELETIONS FROM THE WATCH LIST None at this time I want to wish everyone a restful weekend and I will be back with my EB Watch List Update Report Monday morning. At your service, John Hopkins EarningsBeats