EB Watch List Update Report

Dear Members: MARKET UPDATE Fresh highs on the major indexes all the way around today with traders rewarding Facebook for better than expected earnings. Not surprisingly the NASDAQ is leading the market higher today with FB up over 5%. The VIX remains at historically low levels with traders extremely confident in the market. Interestingly, in looking at the NASDAQ yesterday, decliners led advancers; more stocks lower than higher, and in spite of record highs. This is quite a shift from last week when advancers led decliners by a ratio of approximately three to one. It points to a concentration in a select number of stocks; this move higher has not included the majority of stocks. In what should be considered quite rare, the NASDAQ has been higher 14 of the past 15 sessions, this when it is technically overbought, along with the Dow and S&P. Today is the busiest of day for earnings for Q2, including Amazon, Intel, Starbucks who will report after the bell tonight. Expectations for AMZN are sky high as it sits at an all time high at extreme overbought levels. The bulls aren't showing signs of backing down in spite of a very stretched market that includes a very complacent trader. Is there anything that will spook the market? It doesn't seem so at the moment but jumping in here on the long side brings with it its own risks. Based upon a combination of indicators and signals that have proved prescient over the years, I continue to feel the market is overdue for a correction. Perhaps it won't be deep; we could continue to see buying on any dips. But any inkling that the market has gotten ahead of itself could result in some decent selling which to me is way overdue. KEY EARNINGS REPORTS Companies reporting earnings today (July 27) include: Before Market Opens: AGCO, ALXN, ALLY, MO, BUD, ARCH, ADP, BAYRY, BCC, BWA, BSX, BMY, BC, CELG, CHTR, CMCSA, COP, DPS, DNKN, DFT, FCAU, GRA, HUN, I, IP, JCI, KKR, LLL, LAZ, TREE, MPC, MMC, MAS, MA, MCK, MGM, NLSN, NOK, NYT, PENN, PAG, PCG, POT, PG, RTN, RS, SIRI, LUV, SAVE, SXC, TZOO, TWTR, UTL, UPS,UTHR, VLO, VZ, VC and WWE After Market Closes: AFL, ALGN, AMZN, BIDU, SAM, BYD, CAA, CERN, COLM, CUBE, CY, DECK, EIX, EVR, EXPE, FSLR, FLEX, ROCK, INTC, KLAC, MAT, MHK, PLT, PFG, SKYW, SBUX, SYK, TCO, VRSN, WDC and AUY Companies reporting earnings tomorrow (July 28) include: Before Market Opens: AAL, BHGE, B, CPN, CVX, CS, XOM, GT, MRK, TEN and WY After Market Closes: None ADDITIONS TO WATCH LISTS: Our Candidate Tracker will be updated today at which point you will be notified 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