EB Watch List Update Report

MARKET NOTE: Dear Members: The market continues to trade in mo-man's land. Yes, the bulls have to be given the nod here; All of the major indexes are back above all key technical levels. Pullbacks are being bought. But the S&P remains stuck. Traders are not yet confident that the market is going to power higher. The VIX has settled down after spiking sharply last week. It is back below all key technical levels. But it's not back in the 9's where it was recently and where it signaled that traders had gotten too complacent. Bond yields are fairly flat and gold continues to move higher showing that traders are happy to look at alternative instruments that provide more safety. And the $USD continues to be very weak; less confidence in the strength of the US economy. Of course all of this is taking place with the president on a major overseas trip, so more for the market to absorb. When I add it all up together it gets me to the same place I've been for a while now; I've got to see more evidence that the market can go higher here and there have been plenty of opportunities for the bulls to make progress without success. In fact for the past three months the S&P has gone nowhere in spite of some strong earnings reports. It is possible we could simply remain range bound for a while where traders continue to buy on dips while unloading stocks anywhere near 2400 on the S&P. The most recent low is near 2350 while the all time high is 2405. So this is the range we have to work with at the moment. We're only 15 points away from that 2405 level so to me still not worth chasing here. Boring but I truly believe trying to trade aggressively here could be costly. So for the moment worth being patient; something will give soon enough that will break the log jam. KEY EARNINGS REPORTS Companies reporting earnings today (May 22) include: A Companies reporting earnings tomorrow (May 23) include: AZO, CBRL, INTU, TTWO and TOL ADDITIONS TO WATCH LISTS: None at this time. Will keep members posted. 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 At your service, John Hopkins EarningsBeats