EB Watch List Update Report

Dear Members: First, please note that I have added a new Behavior Modification Case Study that you can find under my blog on the site. MARKET NOTE: The Fed has begun its two day FOMC meeting with a rate announcement coming tomorrow afternoon at 2:00 pm eastern. It is a forgone conclusion at this point the Fed will raise 25 basis points and traders are getting more aggressive on the long side today in anticipation that the long awaited Fed action will finally take place. But stocks are off of their highs of the day with some early profit taking off of the nice move higher earlier in the session. The VIX had almost hit 27 at its peak yesterday and today got as low as 20 and now remains almost 7% lower for the day. So it's not like the market is declaring an all clear signal here: they still want confirmation that the Fed will indeed announce the first rate increase in almost a decade. Today's move higher shows broad participation with all major sectors higher. And it's bullish to see energy and financials leading the market higher. We do need to keep in mind that all of the major indexes remain technically challenged. In fact, the S&P is still below all key technical levels, not exactly a big confidence booster. And interestingly, the 20, 50 and 200 day moving averages are all in close proximity with the 20 day trying to hold above the 200 day and the 50 day trying to climb above it. All making for a very interesting pattern that could impact the trading in the near term. But we are now entering the most bullish time of the year just as the Fed is about to its thing so that must be taken into consideration. In the very near term the bulls will need to to clear 2060 on the S&P if they hope to lead a rally into year end. To the downside, a close back below 2020 would have to be seen as bearish. KEY EARNINGS REPORTS Companies reporting earnings today (December 15) include: There are no key earnings reports due out today Companies reporting earnings Wednesday (December 16) include: FDX, MLHR, JBL, JOY, ORCL and WOR ADDITIONS TO WATCH LISTS: We are adding Facebook (FB) to our Large Cap Watch List at the current price (at time of email) of $104.88 with a second entry at $102 on a pullback, a target of $115 and a stop loss of a close below $99. All important details will be added to our site later today. Also note that we may have some additional additions at some point today and will send to you in a separate email. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List BSX - Stock is up slightly and a close above $18.73 would be bullish. JNPR - Stock is up over 1.5% after holding important support the past few sessions. A close back above $29.56 would be bullish. Mid Cap Watch List EEFT - Stock is flat today and needs to clear $75.56 to regain some technical advantage. WYN - This stock is down slightly today and remains close to being technically oversold. Small Cap Watch List INVN - This stock is down 4.5% today and will be removed from the Watch List if it closes below $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. At your service, John Hopkins, EarningsBeats