EB Watch List Update Report

Dear Members: The market is off to a weak start as we begin a new trading day and week and as traders gird for a slew of earnings reports that will be unleashed over the next several weeks. We already heard from Citigroup this morning as they missed revenue expectations but in spite of the miss are up 3.4%. That's got to be seen as a positive by the bulls even though the overall market is lower this morning. Even with the market lower it's easy to see that the bulls aren't rolling over; the S&P is very stubbornly holding at the 2580+ level which is frustrating the bears. And the churning that has been going on the past week is making it difficult for either the longs or the shorts to make any headway. It also seems clear that traders are in a wait and see mode; how will earnings look once they start coming out in droves? In particular, what will the reaction be to those highly visible stocks that have led the charge off the recent bottom, like Netflix, as an example, when they report their numbers later this week? This could well be the reason the market has held the bulk of its recent gains. Nonetheless, 2600 has been a tough level for the bulls to crack as the bears know a close above that level could lead to the next key level of resistance at the 50 day moving average, currently at 2633. The S&P got as low as 2570 this morning before bouncing with the first level of technical support currently at 2557. So we're pretty much at a standstill here until we see either a clear break to the upside or downside making it prudent to continue to be very selective at the moment. Companies reporting earnings today (January 14) Before Market Opens: C and SJR After Market Closes None Companies reporting earnings tomorrow (January 15) Before Market Opens: Dal, JPM, SNV, UAL, UNH and WFC After Market Closes: PNFP and UAL ADDITIONS TO WATCH PLEASE NOTE that the Candidate Tracker has been updated on the site and we've added a handful of stocks that more recently reported and either beat or missed earnings expectations. There haven't been that many lately but that will start to change over the next few weeks as more companies report their numbers. We've also removed those stocks that are now dated and the Chart Lists will be sent to those of you who are StockCharts.com members and are currently getting the lists. Please let me know if you have not received by day's end. Will keep you posted on any further additions to the Watch List. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: ERF - Stock is down slightly after being higher 10 sessions in a row. Need it to close back below its 50 day, moving average, currently at $8.91, which might put some pressure on the long side and take the stock lower. RYAM - Stock closed just above our stop loss of $13.20 so is being removed from the Watch List. LONGS: Large Cap Watch List None Mid Cap Watch List None Small Cap Watch List None Deletions from Watch List RYAM At your service, John Hopkins EarningsBeats