EB Watch List Update Report

Dear Members: Market Update: It helps to look back at the lows back in December to appreciate how the bulls are hanging in just fine. Yes, the S&P put in a fresh all time high last week and then profit taking kicked in. But why wouldn't it? The S&P had climbed 26% from the December low to the record high of 2964 in just six months while the major indexes had gotten stretched. Now we're seeing some consolidation above all key technical levels. Now everyone is waiting to see exactly what comes out of the upcoming meeting between the US and China. Will talks stall or could there be a breakthrough? Barring a really nasty outcome traders are likely to give stocks the benefit of the doubt with Q2 earnings season getting closer each trading day. Though the NASDAQ continues to remain one step behind the S&P it's worth noting that the 20 day moving average has now crossed above the 50 day which is generally bullish. The same thing happened on the S&P last week just as it moved to its all time high. The trading range on the S&P seems pretty well defined now; 2964 to the upside and 2879, the 50 day, to the downside. One of those levels could easily go, depending upon the outcome of the upcoming US/China talks. Companies reporting earnings today (June 27) Before Market Opens: ACN, CAG, MKC, PDCO, SJR and WBA After Market Closes NKE and PRGS Companies reporting earnings tomorrow (June 28) Before Market Opens: STZ 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 is flat today as it continues to consolidate. A close above $81.56 would be bullish. LULU - Stock is up slightly as it hovers just above its 20 day moving average. A close back above $180 would be bullish. Medium Cap Watch List PRSP - Stock is down slightly as it tests its 20 day moving average. Still needs to close above $24.12 to move to the next level. Small Cap Watch List None Deletions from Watch List None At your service, John Hopkins EarningsBeats