EB Watch List Update Report

Dear Members: Market Update The market can be stretched without being technically overbought which might be one explanation as to why the S&P is having trouble clearing 2900 and the NASDAQ is hovering just above its 50 day moving average after having risen so much in just a week's time from the most recent bottom. Not to say that the oscillators aren't getting close to technically overbought; stochastics are in the 90's on all of the major indexes. However RSI's aren't yet confirming a pullback is imminent. But another day or two of buying could do the trick. In addition, for a few days now the VIX has barely budged in spite of the fact that the market has moved substantially higher for six days in a row now. Seems like traders are looking for confirmation that the market could move higher - i.e., clear 2900 with some gusto, have a strong showing into the close - or confirmation that the near term buying is nearing an end - i.e., a big reversal to the downside into the close. Short of one of those outcomes we could see some consolidation, making it more difficult for big scores to the upside and very difficult to trade successfully to the short side. I am noticing some dark candles forming, at least Intra Day, on all of the major indexes which often does portend a reversal. If this does turn out to be the case we should see stocks get cheaper. Companies reporting earnings today (June 11) Before Market Opens: HRB, HDS and JWA After Market Closes None Companies reporting earnings tomorrow (June 12) Before Market Opens: None After Market Closes: LULU and RHT ADDITIONS TO WATCH LIST We will keep you posted on any new additions to the Watch List. Would still prefer 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 up slightly as it continues to consolidate just above its 20 day moving average. A close above $80.08 would be bullish. Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats