EB Watch List Update Report

Dear Members: MARKET UPDATE The VIX is down over 6% this morning after yesterday's sharp move to the upside. However, it remains well above all key technical levels; traders are not fully at ease today. In fact, you have to go back to November of last year to see the VIX at a higher level when it got as high as 23. This compares to today's high of 17.28. So even though the VIX has shot up it remains well below that November high, a level that is now resistance. Though all of the major indexes are higher it's easy to see it is a labored effort. And now, instead of the NASDAQ and S&P looking to hold support at key technical levels, those levels have now become resistance. In fact, the S&P moved exactly to its 50 day from underneath before some profit taking kicked in. So far the Dow has held above all key technical levels. So we can see that blue chips, bond yields and gold are now seen more as safe havens whereas tech stocks are showing the greatest weakness. Certainly traders are going to think twice about being too long into the weekend, especially given the tensions between the US and North Korea; it has permeated the market. The NASDAQ got as low as 6216 before bouncing. So that is now support. The S&P matched yesterday's low of 2437 so that is now support. It remains prudent to be very cautious here. KEY EARNINGS REPORTS Companies reporting earnings today (August 11) include: Before Market Opens: JCP and TU After Market Closes: None Companies reporting earnings Monday (August 14) include: Before Market Opens: SYY After Market Closes: None ADDITIONS TO WATCH LIST Please note we have added a large number of stocks to the Candidate Tracker for a total of 180 at this time. Some of these could become trading candidates but we are going to remain cautious at this time. We added SGMS to the Watch List yesterday with more details below BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List GE - Stock is flat. Please note the stop is any INTRA DAY move below $25.25. MSFT - Stock is higher but remains below its 20 day moving average which is currently at $72.32. It needs to get back above that level to regain a full technical advantage. ECA - Stock closed below the stop loss of $9.72 so is being removed from the Watch List. Mid Cap Watch List SGMS - Stock was added to the Watch List yesterday an initial entry price of $34.90 with a second entry on any pullback to $34 with a price target of $38.30 and a stop loss of any close below its 20 day moving average. Small Cap Watch List None at this time DELETIONS FROM THE WATCH LIST ECA is being removed as it stopped out 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