EB Watch List Update Report

Dear Members: Market Update: The one thing really standing out today as all of the major indexes hit fresh all time highs is the VIX which is currently up almost 11% and back above all key technical levels. It shows that traders are back to having at least one finger on the sell button, and why not? This market is extremely overbought and up until now no one seems to care. As usual this might end up being a false alarm as traders are reluctant to part with their long positions these days. But when the VIX spikes on a very green day it often means some profit taking could be in store. If we do finally see some selling it can't be blamed on earnings. Even though it's way too early to gauge, so far the companies that have reported have done just fine. But the bears will argue that strong earnings have already been built into the market and they might be right. We might get some fresh clues today, depending on where the market ends up by days ends. Will traders continue to buy on any pullbacks or might we see stocks red by day's end? We'll find out as the day progresses and it might be a good time to go light here at least in the very near term. Companies Reporting earnings today (January 16) Before Market Opens C and UNH After Market Closes: ADTN and CSX Companies reporting earnings tomorrow (January 17) Before Market Opens: BAC, FAST, GS, SCHW and USB After Market Closes: Going to watch the market closely and be very selective ADDITIONS TO WATCH LIST BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None at this time LONGS: Large Cap Watch List QSR - Stock is higher today but so far has failed to clear its 50 day moving average just above $62 which is a critical level to close above for the stock to move higher. Mid Cap Watch List NAV - Stock is fairly flat and a close above $46.03 would be bullish. SAIC - Stock is up by 1.2% and would at least like to see it close above $78.75 which would be bullish. Small Cap Watch List NCS - Stock continues to consolidate just below its 20 day moving average. At a minimum would like to see it close back above that level, currently at $19.01. SORL - Stock closed below its INTRA DAY stop of $6.98 so will be removed from the Watch List. FINL - Stock is down 1.3% but remains above all key technical levels. A close above $14 would be very bullish. DELETIONS FROM THE WATCH LIST SORL is being removed from the Watch List as it moved below its stop At your service, John Hopkins EarningsBeats