EB Watch List Update Report

Dear Members: MARKET NOTE: Yesterday looked terrific. Today not so much. Just when traders thought it might be OK to get back in on the long side after the recent selling they are finding opposite action today with all of the major indexes lower. What makes this most interesting is that banks are strong today after the release of stress test results yesterday. But the rest of the market is not following their lead. Now we've got the NASDAQ desperately trying to hold its 50 day moving average with the S&P clinging on to its 20 day near 2430. This is a level the bulls have stubbornly defended for quite some time with traders knowing a close below that level puts the market at risk. However, it is the tech heavy NASDAQ that is showing the greatest weakness lately and it really hasn't closed below its 50 day, now at 6150, except one time briefly, since November of last year. So that level is a big deal. The VIX has spiked some as it threatens to move back above both its 20 and 50 day moving averages. Bottom line right now is we need to be extremely cautious here. It's why we've laid low lately and will continue to do so until we see something that helps us indicate if the worst of the selling is over. KEY EARNINGS REPORTS Companies reporting earnings today (June 29) include: AYI, CAG, STZ, MKC, MU, NKE and RAD Companies reporting earnings tomorrow (June 30 ) include: There are no key earnings reports due out tomorrow ADDITIONS TO WATCH LISTS: None at the moment 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