EB Watch List Update Report

Dear Members: MARKET NOTE: Well, I was pretty clear yesterday that the market was prime for a bounce and we are seeing that take place today. But the market started out much stronger and now it's like pulling teeth to hold the gains. It could be that traders are so weary that they are skeptical to get involved in fear that any gains might evaporate. And who can blame them? Just look at oil which got off to a positive start today only to sink back into negative territory as it hovers above the all important $30 level that virtually everyone says will soon be history. So oil continues to hold the market hostage. Think about this; we have been very reluctant to put out new positions in this environment with all of the major indexes technically broken. This type of thinking is wide spread which makes it difficult to hold gains. Apparently traders will need to more evidence that the worst of the selling is over. From a purely technical perspective just about everything is technically oversold. But will technical indicators be enough to convince traders to jump back in? There is some good news for the bulls. The S&P held the 1900 level yesterday, not insignificant. Now there's a lot of work to be done to get anywhere near important technical hurdles. Right now moving the S&P back above 2000 seems like a mighty task. But for sure we need to see 1900 hold on any further selling or all bets are off. Finally, Alcoa kicked off the earnings season last night. The response? The stock is down almost 10%; not a good start. KEY EARNINGS REPORTS Companies reporting earnings today (January 12) include: AA Companies reporting earnings tomorrow (January 13) include: There are no key earnings reports due out tomorrow ADDITIONS TO WATCH LISTS: Will continue to hold off on adding any new stocks to the Watch List. Over the next few weeks thousands of companies will be reporting their numbers which will allow us to load up our Candidate Tracker and look for fresh trading candidates that have strong earnings and strong charts and have held up the best during the recent market turmoil. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Only two stocks remain on the Watch List. Large Cap Watch List BSX - Stock is up over 2% today and touched the 200 day moving average at $17.63 before pulling back some. Needs to clear that level to get back on track. Mid Cap Watch List SBGI - Stock held our stop loss level yesterday and is up 2.5% today. A close back above $31.57 would be bullish. Small Cap Watch List There are no Small Cap stocks on the Watch List at this time. 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