EB Watch List Update Report

Dear Members: First, a reminder that we will have our Relative Strength webinar today at 4:30 pm eastern. We will be sending out room instructions this afternoon prior to the start of the event. And as usual the webinar will be recorded for those of you unable to attend the live event. Market Update The bulls have been relentless for the past five sessions and since we saw the market bottom last week with all of the major indexes up nicely as we begin a new trading day and week. For sure the selling that preceded the recent rally had gotten overdone and now we have to wonder if we're seeing the flip side with the major indexes up 6-7% in such a short period of time. Worth noting is the VIX which is fairly flat today in spite of the big boost in stock prices; perhaps traders are sensing that the market might be getting ahead of itself again. We might get a better sense as the day progresses with the NASDAQ back to testing its 50 day moving average - currently at 7860 - from below while the S&P presses up against 2900 for the first time in a month. While its hard to fight the bulls here it's also a time for traders to consider locking in profits while waiting for better entry points. Yes the market could continue to climb here but with the NASDAQ up by 8% in just a few trading days it's tough to chase. The S&P might also find a lot of resistance near this 2900 level. However should it clear than 2913 would be next. To the downside the bulls would like to hold the 50 day, currently at 2872, as a move back below that level might indicate a near term top is in. Companies reporting earnings today (June 10) Before Market Opens: SPCB and THO After Market Closes None Companies reporting earnings tomorrow (June 11) Before Market Opens: HRB, HDS and JW.A After Market Closes: None ADDITIONS TO WATCH LIST We will keep you posted on any new additions to the Watch List. Would like to see some cooling off after the torrid move to the upside the past week. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List OMC - Stock is down slightly after hitting its highest level since May 21 and a close above $80.08 would be bullish. Small Cap Watch List MTOR - We issued a profit alert on this stock last Friday as it was higher by over 9% from the initial entry price so it is being removed from the Watch List. Deletions from Watch List MTOR At your service, John Hopkins EarningsBeats