EB Watch List Update Report

Dear Members: MARKET UPDATE The market has moved into reversal mode with all of the major indexes lower. Earlier in the session the NASDAQ was trying to climb back above 6200 with the S&P trying to regain its 20 day moving average but then swift selling kicked in. As a result the S&P dipped below its 50 day, currently at 2415, a level the bulls do not want to lose. In addition, the NASDAQ is now back below both its 20 and 50 day while the DOW has moved back below its 20 day. So we're seeing some technical damage, at least Intra Day. The VIX has risen almost 5% after moving lower in the session and is now back above both its 20 and 50 day moving averages. The next key level on the VIX is the 200 day moving average, currently at 12.41, and a move above that level could lead to additional selling. This sudden weakness on increased volatility today shows traders have their fingers on the sell button any time there's any threat of the market topping. It's a "shoot now and ask questions" mentality, one of being more cautious rather than taking unnecessary risks. This pretty much fits with our thinking of late and why we have been very selective with alerts; the bulls are having to work too hard to try and make any progress. At this point we need to see if the S&P holds that 2415 level. If it doesn't hold we could see a retest of the most recent low of 2407. Any close back above 2427 would be a plus for the bulls. KEY EARNINGS REPORTS Companies reporting earnings today (July 11) include: PEP Companies reporting earnings tomorrow (July 12) include: FAST- Prior to market open ADDITIONS TO WATCH LISTS: Will let members know if spot any high reward to risk trading candidates. Currently in a wait and see mode until things settle down. 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 higher today in spite of overall negative market action. A close above $32.50 would be bullish. PLAY - Stock is higher though off high of the session and a close above $65.36 would be bullish. DELETIONS FROM THE WATCH LIST None at this time At your service, John Hopkins EarningsBeats