EB Watch List Update Report

Dear Members: Market Update: So what's new today? Pretty much the same old action with all of the major indexes logging record highs in spite of being technically extended which doesn't seem to bother traders these days. I have noticed the VIX is higher today as it tested its 50 day moving average from beneath today, so maybe some recognition that stocks are stretched here. But overall traders are putting capital to work, overbought or not. We had earnings from some major banks today including JPM as they hit a new high. So now the earnings season is officially underway with a ton of companies getting ready to report over the next several weeks. With the S&P now trading at 2782 it won't take much for the bulls to hit that 2800 level. We aren't there yet but if things keep up the way they have been it won't take long to get there. Not much more to say except the bulls are in full command here and unless we see something to change that sentiment they must be respected as we move into a long weekend. But at a minimum we should be ready to shift gears if for some reason the extremely overbought oscillators finally catch the attention of enough traders. Companies Reporting earnings today (January 12) Before Market Opens BLK. INFY, JPM, PNC and WFC After Market Closes: None Companies reporting earnings Tuesday (January 16) Before Market Opens: C and UNH After Market Closes: ADTN, CSX ADDITIONS TO WATCH LIST We added QSR to the Watch List this morning with additional information below. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None at this time LONGS: Large Cap Watch List QSR - We added this stock this morning at an entry price of $61.09 with a price target of $66 and a stop of any close below $59.90. Mid Cap Watch List NAV - Stock is pausing today after yesterday's strong move higher. Would be very bullish if it could close above yesterday's close of $46.03. SAIC - Stock is down slightly as it continues almost a month of consolidation. Would like to see it close above yesterday's close of $78.75 which would be bullish. Small Cap Watch List SORL - Stock is down slightly as it hovers right around its 20 day moving average. A close above $7.42 would be bullish. FINL - Stock is higher by 1.5% though off its high of the session. A close above $14 would be bullish. DELETIONS FROM THE WATCH LIST None At your service, John Hopkins EarningsBeats