EB Watch List Update Report

Dear Members: Market Update: Generally, when the market gets hard like it did yesterday and closes at the lows of the session there's follow through selling. That is certainly not the case today with all of the major indexes higher after a stronger than expected jobs report and after the Fed Chair said they would be "patient" with future rate hikes. The bulls are hoping that the combination of strong jobs and a more patient Fed will do the trick here and maybe it will. After all, traders have been looking for any kind of good news to justify getting back in on the long side. But as usual these days it comes with a caveat or two. For example, all of the major indexes remain below all key technical levels. Maybe that will change by day's end which would have to be seen as a positive. Next, even though the VIX is down by 11% it' still above both its 50 and 200 day moving averages. Still, the VIX is much lower than the most recent high, at least some sigh of relief. But the reality is the market is pretty much where it was mid December and who wouldn't wonder if the early gains might be lost in some fashion by day's end? Right now a key level on the S&P is 2536, representing the 20 day and a CLOSE above that level would give the bulls something to work with. But we could also see a lot of profit taking at that level as well if traders detect the market is not yet out of the woods. Companies reporting earnings today (January 4) Before Market Opens: None After Market Closes None Companies reporting earnings Monday (January 7) Before Market Opens: None After Market Closes: None ADDITIONS TO WATCH Will keep you posted on any additions to the Watch List BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List None Mid Cap Watch List None Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats