EB Watch List Update Report

MARKET NOTE: Dear Members: Apple reported its numbers after the bell last night and even though it's down less than 1% it is impacting the market in a negative way with all of the major indexes lower. The NASDAQ was overdue for a pullback even before AAPL reported its numbers and the Dow and S&P were showing signs of weakening as they failed to clear their respective all time highs. The VIX is higher by over 4% after closing in on its all time low earlier in the week. Makes sense with the market simply getting too complacent. The bulls will point to the fact that all of the major indexes remain above all key technical levels. They do have a point. However, two of the major indexes failed to make a higher high, optimism is sky high and the bulk of the major tech stocks have already reported their earnings; the market has taken a bunch of good news into consideration while ignoring bad news and a whole lot of uncertainty. Later today the Fed will make its interest rate announcement; they aren't likely to rase rates. But they are likely to say something about future rates which traders will absorb to determine how any future rises might impact equities. It's too early to say whether or not stocks have topped in the short term but one could make an argument that this is the case. That could change if there was some clarification on some pending issues; tax reform, health care, interest rates, for example. But, there hasn't been any sustantive pullback since the market bottomed in early November; it gets harder to chase stocks when they never go down. The range on the S&P is well defined here; 2400 to the upside and 2365 to the downside. Anytime the bears have tried to regain the techincal advantage they've been thwarted. That could continue to be the case and we might well consolidate for a period of time. But ANY hint that traders - in unison - feel the market has topped could result in additional selling, something traders have not been used to for quite some time. KEY EARNINGS REPORTS Companies reporting earnings today (May 3) include: ALB, ADP, CAR, BCC, CG, CDW, CAKE, CNK, CRUS, CLX, CLR, DLPH, EL, FB, FRT, GRMN, HRS, HHC, HUM, IAC, ICE, KHC, LVLT, LNC, MFC, MET, TAP, NUS, NYT, PRU, RAI, SBGI, SO, SQ, TSLA, TWX, RIG, WMB and YUM Companies reporting earnings Tuesday (May 4) include: Y, MDRX, APA, ABTL, AVP, BLL, CABO, CBS, LNG, CHK, CHH, DBD, DNKN, FLR, GWO, HLF, HSBC, H, K, MSG, MRO, MNST, OXY, PGRE, BTU, GOLD, RMAX, SNI, SUN, TDY and VIA ADDITIONS TO WATCH LISTS: None at this time BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: Will let you know if I find any high reward to risk trading opportunities that would be appropriate in the current market environment. LONGS: Large Cap Watch List NVDA - This stock pulled back in sympathy with weak AMD earnings yesterday. So far it has held above all key technical levels. It will need to close back above $106.64 in order to resume a move higher. Mid Cap Watch List None at this time Small Cap Watch List DELETIONS FROM THE WATCH LIST None at this time At your service, John Hopkins EarningsBeats