EB Watch List Update Report

Dear Members: I pointed to a few things I was seeing yesterday indicating a near term bottom was trying to form. We're seeing some relief today with all of the major indexes higher. Trader's have regained some confidence with the VIX down over 8% and now nicely below the 200 day moving average, a must if the bulls hope to build on the early gains. The monthly employment report this morning was actually bullish for stocks; nice job gains with little wage inflation. Not a bad combo, especially for earnings. There are now two key levels to watch for. First, on the S&P the bulls need to clear 2426. And on the NASDAQ there's going to be resistance near 6174. We'll see if the bulls can take it to that level and power through. That's also a level where we could see some profit taking. Traders are also well aware that earnings season will soon begin. This might be enough to keep stocks from moving lower in the near term. We do need to remember that the latest bout of selling did create some technical issues that still need to be resolved. So while it looks better today than a few days ago we might move into consolidation mode rather than full speed ahead mode. But for now at least we may have seen a near term bottom that will lead to more buying, especially on pullbacks. KEY EARNINGS REPORTS Companies reporting earnings today (July 7) include: There are no key earnings reports due out today Companies reporting earnings Monday (July 10) include: There are no key earnings reports due out Monday ADDITIONS TO WATCH LISTS: As a reminder please note that we have updated the Candidate Tracker with some additional companies that beat earnings expectations 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 TGI - Stock is having a nice day, up 3%. A close above $32.55 would be bullish. PLAY - Stock is higher by almost 1.5% A close above $65.36 would be bullish. 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