EB Watch List Update Report

MARKET NOTE: Dear Members: The bulls have been frustrated lately as the S&P continues to stall near its all time high of 2400. It eclipsed that level fractionally this morning before pulling back some. But if the bulls have been frustrated, how about the bears? They've been unable to put a dent into the market for a long time now. In fact, since the market bottomed in early November, 2016, the S&P has pulled back a few percent really just once; there's been no significant pullback in six months. One can look at the VIX this morning as it moves lower by 7% and has dipped back into the 9's, a rarity indeed. Confidence is high. Yet even with confidence near a record high traders are reluctant to pour capital into the market. What gives? Earnings have been strong, interest rates have remained low, talk of lower tax rates is prevelant. Maybe traders realize stocks aren't cheap, and who wants to buy at lofty levels? Even though the NASDAQ has stalled as well it remains very overbought; it's at a level that suggests it makes sense to be more cautious than more aggressive. But traders aren't really selling; they seem to be willing to hold with expectations of news or events that will lead to even higher prices. And the S&P did hit an all time high this morning; it's not like the market is in retreat mode here. So without question the bulls have the upper hand here and must be respected unless/until something changes technically that shifts the momentum to the bears, starting with the S&P closing back below its 20 and 50 day moving averages, currently at 2366/2377, respectively. KEY EARNINGS REPORTS Companies reporting earnings today (May 8) include: AES, AMC, FDC, HTZ, ITT, JCOM, KITE, MAR, NWL, ON, P, POST, SYY, TSO and TSN Companies reporting earnings tomorrow (May 9) include: AGN, CBOE, DF, DISCK, DIS, DUK, KODK, FTD, HSIC, IEP, NVDA, PCLN, SLW, STWD, TSRO, TRIP, VRX, W, YELP and ZBRA ADDITIONS TO WATCH LISTS: Will let you know if I find any high reward to risk trading opportunities that would be appropriate in the current market environment. Right now remaining cautious. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: LONGS: Large Cap Watch List NVDA - Please note this stock will be reporting after the bell tomorrow so will be coming off the Watch List prior to tomorrow's market close. 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