EB Watch List Update Report

Dear Members: Market Update: We've got a repeat performance today with the NASDAQ once again hitting a fresh all time high while the Dow and S&P go nowhere fast. At the moment there is total disregard for the overbought oscillators on the NASDAQ - i.e., traders will worry about that later - and the bears have no answer when it comes to tech stocks. Of course at some point the overbought conditions will kick in; they always do. But there's no "ceiling" at the moment - the NASDAQ has never been in this territory in the past. I did think that 7750 might be a good target for the bulls. So far 7761 is the new all time high. But the continuing move higher in the NASDAQ is doing nothing for non-tech related stocks. To me that's a bit concerning; when the current tech love fest is over it's unlikely we'll see the Dow or S&P leading the market higher. In looking at an updated options chart it's still showing me that the QQQ's could pullback decently between now and tomorrow's expiration. Whatever the case it makes no sense to be chasing at these lofty levels. Back to the S&P. It has continued to fail at the 2790 level multiple times now, including today. So unless that level is cleared the bulls will have to rely on a continued tech rally that is already very long in the tooth. Companies reporting earnings Today (June 14) Before Market Opens: MIK After Market Closes: ADBE, FNSR and JBL Companies reporting earnings tomorrow (June 15) Before Market Opens: None After Market Closes: None ADDITIONS TO WATCH LIST We issued a short alert on JACK yesterday with more information below 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: JACK - We added this stock to the short list yesterday with an entry price of $85.50 with a price target of $80.50 and a cover price of any move above $86.15 on an INTRAY DAY basis. A close today below $85 could result in additional selling. LONGS: Large Cap Watch List None Mid Cap Watch List PE - As a reminder the revised stop is any INTRA DAY move below $28. Small Cap Watch List None Deletions from Watch List PBH At your service, John Hopkins EarningsBeats