EB Watch List Update Report

MARKET NOTE: Dear Members: Just two days after getting drubbed the bulls are fighting back as they look to regain the momentum. So far the market is up nicely as traders pick up stocks on the pullback. The VIX, which rose by 50% on the heavy selling earlier in the week is down 20% today as it tries to move below all key technical levels. But I can't help but asking myself, has everything gone from inreased concern to all is well in the course of two days? I don't buy it. It's true that the NASDAQ is back above all key technical levels. And the S&P is challenging its 20 day moving average at 2382 which is now key resistance. The Dow remains the weakest so the pecking order hasn't really changed. We need to remember that today is options expiration Friday. There were a lot of puts to be dealt with; a huge amount of put premium has been wiped out just when the bears were feeling back in charge on Wednesday. It's very hard to bet against the bulls here as time after time they have shown an appetite to jump in on any type of pullback. That could end up being the case once again or we could see gains fade as the day progresses and into the weekend. If the bulls can close the S&P above that 2382 level they will indeed regain the upper hand. But this could turn out to be nothing more than an "oversold" bounce that stalls at a key level. And remember there's really not much to talk about unless the bulls can clear 2400 with some gusto which I believe will continue to be a big challenge. So from my perspective it's a good time to lay low and see how this plays out and we can revisit come Monday. KEY EARNINGS REPORTS Companies reporting earnings today (May 19) include: CPB, DE and FL Companies reporting earnings Monday (May 22) include: A ADDITIONS TO WATCH LISTS: None at this time. Will revisit Monday. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List None at this time 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 Monday morning with my EB Watch List Update Report, At your service, John Hopkins EarningsBeats