EB Watch List Update Report

Dear Members: MARKET UPDATE Today looks like a lot of recent days with blue chips leading the charge, the NASDAQ continuing to lag and the S&P going nowhere. The move higher in the Dow has simply resulted in more overbought today than yesterday. The VIX shows traders are less nervous today than a few days ago, just what you might expect with the Dow putting in another all time high. Economic reports from this morning weren't all that impressive with wages remaining flat while manufacturing and construction came in weaker than expected. On one hand, traders don't mind weak reports as it helps to keep the Fed at bay. On the other hand it points to a going nowhere economy. Very important later today will be the release of Apple's earnings. Since Apples tentacles run deep throughout the market, the results and response by traders is important, especially with the NASDAQ and S&P needing some impetus to move higher. The mostly "going nowhere" market makes it extremely difficult to make big trading scores, both on the long and short side. For example, though the Dow is technically overbought it only represents 30 stocks; that's not many. On the other hand, neither the NASDAQ nor the S&P is overbought or oversold. This gives the full advantage to the market makers, not traders. At best its like a churn; very difficult to make money in this type of environment. Right now the S&P is holding well above its 20 day moving average, currently at 2460. But it's making no progress. You've got support at 2460 and resistance at the all time high of 2484. It's currently smack in the middle. Nothing to work with until one of those goes. KEY EARNINGS REPORTS Key Companies reporting earnings today (August 1) include: Before Market Opens: ACCO, AC, CME, CNX, CMI, ETN, EMR, STAY, HRS, HMC, IGT, LBY, LL, MLM, MOS, BTU, PFE, PSX, PBI, RDN, RCL, SPG, SNE, S, TRI, UA and XRX After Market Closes: AEGN, ALL, AAPL, AIZ, BZH, BXP, CBT, DVN, RRD, FEYE, FISV, HBI, HLF, ILMN, KMPR, PZZA, RSYS, TEX, UIS and VVV Key Companies reporting earnings tomorrow (August 2) include: Before Market Opens: AN, CAH, CG, CGX, DLPH, D, DX, EXC, GRMN, HUM, JLL, TAP, MDLZ, RIO, SSTK, SO, TWX and WD After Market Closes: ALG, AGO, CA, CAKE, CRUS, CTXS, TCS, DNB, FRT, FIT, FORM, FBHS, G, IAC, LVLT, LNC, MRO, MET, MUR, NBR, NUS, OXY, PKD, PRU, SWIR, SQ, SYMC, DATA, TTWO, TSLA, RIG, TRMB and WMB ADDITIONS TO WATCH LISTS: Will keep you posted on any new additions 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