EB Watch List Update Report

Dear Members: Market Update: The bulls have been on a mission to get the S&P back to a record high and they succeeded by a few points today with all of the major indexes up nicely though off the highs of the session. Clearly the market embraced the Fed rate announcement yesterday with stocks ready to soar at the opening bell. Not surprisingly the mostly non-stop move higher in stocks has resulted in an overbought situation; makes sense. The question is; will traders be ready to jump in on any selling today with the mood so bullish or will any profit taking stick? We should remember that whenever a stock or major indexes challenges an all time high there are lots of sell programs in place and it often takes more than one try to succeed. Still, it's hard to not be impressed; the bulls have persevered since the late December bottom in spite of tariffs, stalled trade talks and a slowing economy and they do have the Fed to thank with expectations of lower interest rates in the future. So even if we do see some additional profit taking today it's hard to bet against the market. Companies reporting earnings today (June 20) Before Market Opens: DRI and KR After Market Closes CCG, KFY and RHT Companies reporting earnings tomorrow (June 21) Before Market Opens: KMX After Market Closes: None ADDITIONS TO WATCH LIST We will keep you posted on any new additions to the Watch List. BRIEF COMMENTS ON WATCH LIST STOCKS SHORTS: None LONGS: Large Cap Watch List OMC - Stock almost matched its April 29 high before profit taking kicked in with the stock lower by 1.5%. Some strength into the close would be bullish. Medium Cap Watch List PRSP - Stock is higher by 1.2% as it tries to clear the June 7 high of $23.69 and a close above that level would be very bullish. Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats