EB Watch List Update Report

MARKET NOTE: Dear Members: Two more very visible tech stocks reported their earnings after the bell last night, Facebook and Tesla. FB is down under 1% while TSLA is down by over 5%. More importantly the vast majority of key tech companies have now reported with the NASDAQ continuing to be very stretched. In addition, both the Dow and S&P remain stuck; they're having a tough time revisiting their respective all time highs. Today's fairly flat action comes a day after the Fed's rate announcement indicating the possibility of a rate hike at the June meeting. This has resulted in higher government bond yields but the ten year still remains well below its March 10 high of 2.61; traders are not convinced the Fed will be able to be as aggressive as they have led the market to believe. Traders continue to be bullish; the VIX is flat and still very close to its all time low. The bears will argue that the VIX is flashing a contrarian signal; too much optimism. But the daily action has so far shown them to be wrong. Not that it can't change quickly; that's generally the way decent pullbacks start. Tomorrow brings with it the monthly jobs report, something traders watch closely. A strong or weak report could most definitely have an impact on the overall market with the bulls hoping it's enough to get the S&P above 2400 while the bears are itching to regain the technical advantage. Bottom line for me; it's a losing battle to try to short the market; momentum is too strong. On the other hand there's still zero margin for error here; the market is priced for perfection and could drop on a dime. Not something I am predicting but it's not far fetched. KEY EARNINGS REPORTS Companies reporting earnings today (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 Companies reporting earnings tomorrow (May 5) include: AC, CI, CTSH, FNMA, JLL, MCO, TDS and USM ADDITIONS TO WATCH LISTS: None at this time. Will let you know if I find any high reward to risk trading opportunities that would be appropriate in the current market environment. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: LONGS: Large Cap Watch List NVDA - Stock is flat and continues to hold 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