EB Watch List Update Report

Dear Members: Market Update: The NASDAQ seems to have forgotten the old adage, What goes up MUST go down as it hits another record high as traders still cannot get enough of tech stocks. The NASDAQ was overbought even before today's move higher with the bulls wondering how high they might be able to take it before traders start wondering if there's still gas left in the tank. What's interesting of course is that in spite of non-stop gains in the NASDAQ for six weeks now neither the Dow nor the S&P is making any progress. In fact the S&P is still almost 100 points off of its all time high that was seen back in late January. In looking at the options chart I would normally be thinking that the QQQ's need to pull back decently to satisfy the market makers prior to Friday's expiration date and in fact that may still be the case. But the bid beneath tech stocks has been so strong lately that it could be more difficult for the bears to inflict any damage. Still, we do have the Fed getting ready to make its rate announcement this afternoon; everyone is expecting a .25 raise. And since the NASDAQ is so stretched here any unexpected news could put a damper on the buying. Since the NASDAQ is in record territory there's no telling what the next key level of resistance might be; this is rare air. 7750 would seem to be the next level to watch for. Should traders suddenly decide to take some profits the NASDAQ could pull back to support near 7595 and still be in great shape. So though the NASDAQ could move higher here it seems like the reward to risk at these lofty levels is to the downside so maybe we will see the QQQ's get closer to where the market makers would like them to be come expiration Friday. Companies reporting earnings Today (June 13) Before Market Opens: KFY After Market Closes: None Companies reporting earnings tomorrow (June 14) Before Market Opens: MIK After Market Closes: ADBE, FNSR and JBL ADDITIONS TO WATCH LIST Will keep you posted on any new alerts; not too crazy about adding long candidates here with the NASDAQ so stretched. If anything will consider some short candidates that might present high reward to risk opportunities on any pullback. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None. LONGS: Large Cap Watch List None Mid Cap Watch List PE - Stock got within 4 cents of our revised price target of $28.90 before pulling back some. As a reminder the revised stop is any INTRA DAY move below $28. Small Cap Watch List PBH - Stock moved below our revised stop of $35.65 yesterday so has been removed from the Watch List. Deletions from Watch List PBH At your service, John Hopkins EarningsBeats