EB Watch List Update Report

Dear Members: Market Update: The bulls have had control of the market the past week and aren't in any hurry to give it up with all of the major indexes higher as we begin a new trading day and week. The buying of late has resulted in all of the major indexes closing in on overbought status, especially the NASDAQ. That has not deterred traders, at least not yet, though the VIX is higher today on the buying, still below all key technical levels but maybe at least some recognition that the current rally is getting a bit long in the tooth. Worth noting is the 20 day has crossed back above the 50 day moving average on the S&P for the first time since early February, something that should be seen as bullish. The S&P got as high as 2742 with the next level of resistance near 2750. To the downside there should be decent support right around 2680. Bottom line at the moment is the bulls have the momentum on their side. The market has gotten more pricey so more risky to get aggressive on the long side. On the other hand the new found momentum has made it tricky to profit in a meaningful way on the short side. So maybe not a bad time to be heavier in cash to either take advantage of a pullback on the long side or even consider shorting if the market gets even more stretched. Companies reporting earnings Today (May 14) Before Market Opens: None After Market Closes: A and TDW Companies reporting earnings tomorrow (May 15) Before Market Opens: HD After Market Closes: SUNW ADDITIONS TO WATCH LIST Please note that we sent the Chart List to members on Friday. If you have been receiving the Chart List and did not receive please let me know. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List None Mid Cap Watch List None Small Cap Watch List Deletions from Watch List None At your service, John Hopkins EarningsBeats