EB Watch List Update Report

Dear Members: MARKET NOTE: On Friday I pointed out that 2019 was a key level of support on the S&P and if it did not hold 2000 could come quickly. If didn't hold and so we saw the S&P hit 2002 this morning. And it's coming ahead of Wednesday's Fed meeting when they will raise rates and it comes within a day of the most bullish period of the year as we move into year end. In a recurring theme, oil moved lower again this morning, nearing $34.50 a barrel for WTI crude, another multi-year low. And, while all of the major indexes are lower today, take a look at the Russell 2000 which has been pounded day after day for almost two weeks now. In fact the Russell 2000 is now technically oversold, just before the period where small stocks shine. Coincidental? Maybe, but if history repeats itself, the market is getting ready for quite a rally. But we'll first need to get through today and since the Fed hasn't raised rates in many years, traders are on pins and needles with the VIX moving over 26 at its high of the day. Remember that what we've seen the past few weeks is the market pouting into the Fed rate decision with a small glimmer of hope they will hold off. But they won't, and the market will soon see that is the case. If the S&P does dip below 2000 the next key level of support is near 1990. The last time that was in play was October 14 and from that day the market headed higher non-stop for three weeks when it peaked at 2116 on November 3. This is what the bulls are hoping for over the next few weeks and they most certainly have history on their side. KEY EARNINGS REPORTS Companies reporting earnings today (December 14) include: PAY Companies reporting earnings Tuesday (December 15) include: There are no key earnings reports due on Tuesday ADDITIONS TO WATCH LISTS: Let's get through today and then look at getting more aggressive very soon. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List BSX - Stock is up over 1.4% and a close above $18.57 would be bullish. JNPR - Stock remains technically challenged here and we will keep our closing stop at a close below $28.40. Mid Cap Watch List EEFT - Stock is fairly flat for the day. WYN - This stock is down slightly today and getting closer to being technically oversold. Small Cap Watch List IMPV - This stock closed below $68 on Friday so has been removed from our Watch List. INVN - This stock has moved below its 50 day moving average for the first time in over two months which is bearish. We have a closing stop of $10.50. DELETIONS FROM OUR WATCH LISTS: There are no deletions from the Watch List today unless a Watch List stock closes below the stop loss provided. I want to wish everyone a restful weekend and I will be back Monday morning with my EB Watch List Update report. At your service, John Hopkins, EarningsBeats