EB Watch List Update Report

MARKET NOTE: Dear Members: Traders haven't thrown in the towel, at least not quite yet. But there has been a change in tone as the week has progressed and as the S&P stalled once again when it got back to that 2400 level. The NASDAQ is lower today as well but it has been so hot lately that it remains technically overbought. It's as though traders see tech stocks as being safe haven assets, especially the large market cap stocks like Apple, Amazon, Google and Facebok. The VIX is fairly flat for the session though it's moved out of the 9's after testing the all time low earlier in the week. But to be clear the VIX continues to show almost no fear out there, even though there has been plenty for traders to ponder. The continuing inability for either the Dow or S&P to break out for the past few months remains a concern to me. It just seems like traders are counting on a handful of stocks to keep the market buoyed. So far all of the major indexes remain above all key technical levels a day after the Dow tested its 50 day moving average yesterday and the S&P its 20 day. And though the NASDAQ has been lower the past two sessions it remains well above all key technical levels. Thus we continue to have a bifurcated market where the major indexes are unable to move together in lock-step. It will be interesting to see if traders remain willing to hold stocks into the weekend. This has not been much of an issue of late. But we're moving out of earnings season and traders might like the idea of booking some profits rather than risk losing capital in case they wake up to more selling on Monday morning. In my opinion the market remains tricky here. Without question the bulls remain in charge but sentiment could change quickly. I'm not predicting this will happen but we still need to be mindful that the NASDAQ remains overbought, traders are mostly avoiding blue chips and fear still remains near record lows with no room for any sudden event that might spook the market. Let's see how the day ends with the S&P currently in a very narrow trading range of 2383 to the downside and 2403 to the upside. KEY EARNINGS REPORTS Companies reporting earnings today (May 12) include: JCP Companies reporting earnings monday (May 15) include: There are no key earnings reports due out Monday ADDITIONS TO WATCH LISTS: We have identified some stocks that beat earnings expectations that will be added to the Candidate Tracker and available to members by Monday. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: LONGS: Large Cap Watch List None at this time Mid Cap Watch List None at this time Small Cap Watch List SCSS - Stock continues to consolidate. Still needs to get back over $31 to get back on track. DELETIONS FROM THE WATCH LIST None at this time I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update Report. At your service, John Hopkins EarningsBeats