EB Watch List Update Report

Dear Members: MARKET UPDATE The bulls like the color green which is what all of the major indexes are this morning. A day after the Dow hit another record high the S&P got within a point of its all time high. In the meantime the VIX is back below 10; fear remains on the very low end. We had some major bank earnings this morning and so far all of the stocks are lower. So a negative reaction to bank earnings but so far the market is shaking it off. In looking at the Dow, though it's not officially overbought it's getting close. The few earnings reports out this morning are a very small sample of what's about to come with thousands of companies set to report their numbers over the next few weeks. Traders are betting that overall earnings will be strong; just look at the Dow and S&P. So there's not a lot of room for disappointment. The S&P still has not cleared its all time high of 2453.82 so the bulls can't celebrate quite yet. But there's a strong bid beneath the market and it won't take much to set a new record which could lead to additional buying. Still, traders would like to see confirmation of a record high knowing that a failure to clear that 2453.82 level could possibly constitute a market top. KEY EARNINGS REPORTS Companies reporting earnings today (July 14) include: C, INFY, JPM, PNC and WFC Companies reporting earnings Monday (July 17) include: BLK-Prior to market open NFLX - After market close ADDITIONS TO WATCH LISTS: Will let members know if spot any high reward to risk trading candidates. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List DRI - DRI closed below its 50 day moving average yesterday so is being removed from the Watch List. For those of you who decide to hold it would be good to close back above the 20 day, currently at $89.47. Still like to see it hold its 50 day because it's managed to do so for the past five months and a move back below that level could lead to further selling. Mid Cap Watch List None at this time Small Cap Watch List TGI - Stock got closer to our target of $33.85 earlier this morning before pulling back some. Like to see it close back above yesterday's close of $33.35 which would be bullish. PLAY - Stock is up slightly as it tries to move back above its 20 day moving average. A close back above the 50 day, currently at $67.03, would be very bullish. DELETIONS FROM THE WATCH LIST We are removing DRI from the Watch List as it closed below the 50 day moving average yesterday 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