EB Watch List Update Report

Dear Members: First, as a reminder, the market will be closed on Monday. MARKET NOTE: A new day with stocks higher after holding right where necessary yesterday. This includes the S&P testing its most recent low of 1812 and bouncing right on cue. It came right when the S&P put in a positive divergence, a change that is most welcome by the bulls. It's helping that oil is up nicely today. In addition, the VIX stalled right at 30 yesterday and is down 5% today. That's a plus as well. Bond yields remain very low with the ten year now at 1.71% after getting as low as 1.56% yesterday. And now the Fed is out of the way for the moment after Janet Yellen's testimony to Congress yesterday that seemed to have at least calmed the market. But don't think the little bump we're getting this morning means all is well; it's not. Instead, all major indexes remain well below all key technical levels. But we might have put in a SHORT TERM tradebable bottom. How high we might go on a bounce here is unclear but if the market can pick up some steam the bulls might have a shot at 1890, the 20 day moving average. We know that yesterday's low of 1810 is now important support. So this is the range we have at the moment, subject to all of the usual quirks, whims and surprises that go along with the type of market we've had all year long. BUT, it looks better today than it did yesterday, and if the market can hold early gains into a long weekend, that would be bullish. KEY EARNINGS REPORTS Companies reporting earnings today (February 12) ITT Companies reporting earnings Monday (February 15) include: BIDU ADDITIONS TO WATCH LISTS: We added RMD to our Watch List yesterday with an entry price of $57.21 and are adding one more stock today as follows: CREE, Inc. (CREE) at current price (as of this email) of $28.37 with a price target of $30 and a stop of a close below $27.74. All information will be added to the site later today. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: Large Cap Watch List There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List RMD - Stock is consolidating with our target of $62 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. I want to wish everyone a restful weekend and I will be back with my EB Watch List Update report Tuesday morning. At your service, John Hopkins, EarningsBeats