EB Watch List Update Report

Dear Members: First, I want to point out that I will be in travel mode tomorrow so watch for an earlier market update. Market Update: If you happen to track the market during during the day on the rally that started back in late December you will start to notice that there's very little tolerance for lower prices, primarily because the bid underneath the market is so strong. That happened again this morning just when it looked like the early buying might be over only to see another buying binge with blue chip stocks in particular in high demand. This buying does support the notion that traders right now are subscribing to the "FOMO" theory; fear of missing out on any moves higher. On the one hand that could be looked at as very bullish. On the other hand it could be seen as a bit concerning since the market has a way of turning just when it seems traders are overly excited and that a reversal is not remotely possible. The bulls can point to the fact that both the Dow and S&P are trading back above their respective 200 day moving averages; only the NASDAQ lags there. But the major indexes are back to being in the overbought neighborhood and there's still been no real correction since the late December bottom. Worth noting is the VIX, up slightly, in spite of higher prices today. In fact the VIX looks like its forming a base in the 15 range; it could be setting up for a decent move one way or the other with the bears pointing to the fact that it is now oversold. Right now the key to any further move higher or to a near term top could lie in the performance of the NASDAQ; it continues to struggle beneath its 200 day. So if it closes above its 200 day, currently at 7462, it could help to lift the overall market as well. But as long as stocks continue to hold gains into the close it will be rough on the shorts. On the other hand any sudden, strong reversal to the downside after early gains could start to signal that stocks need a rest. Companies reporting earnings today (February 13) Before Market Opens: GOLD, DISH, FLIR, HEINY, HLT, TEVA and WH After Market Closes AIG, CSCO, FRT, FORR, H, MFC, MRO, MGM, NTAP, SLF and WMB Companies reporting earnings tomorrow (February 14) Before Market Opens: BWA, CME, KO, CS, DUK, DGX, SIX, TRU, WM and ZBRA After Market Closes: AMAT, CBS and NVDA ADDITIONS TO WATCH LIST Will let you know if there are any additional trade alerts. Would much rather see stocks pullback then get involved at these levels. 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