EB Watch List Update Report

Dear Members: MARKET NOTE: The market has shifted from Friday's bad news is bad news to bad news is good news; or so it seems with all of the major indexes higher. On the one hand, the bulls make the argument that the weak jobs report will keep the Fed from raising interest rates. On the other hand, doesn't a weak jobs report tell us the economy might be struggling? In fact, it's probably somewhere in between and we may learn even more when Fed chairwoman Janet Yelen gives a speech today at 12:30 pm eastern. Interestingly, all that's really happened so far is the S&P revisiting the most recent high of 2111, the same level it was at in July of 2015. So if the bulls are excited to get back to zero progress, fine. Now the next level of resistance is at 2116. THAT's a big one as it could set up a run at the all time high of 2134 we saw May of last year. If I don't sound overly excited here it's because I'm not. In fact, at this point traders are convinced that Yellen will move into Dovish mode when she talks but I don't think that is necessarily the case. So what will drive the market higher here? That's the question I continue to grapple with and its why I'm taking recent gains with a grain of salt. But, as usual, we need to let the charts do the talking and if the S&P can clear that 2116 it should be respected. Until then I plan on laying low because the rally could unravel quickly. KEY EARNINGS REPORTS Companies reporting earnings today (June 6) include: There are no key companies reporting earnings due out today Companies reporting earnings Monday (June 7) include: PLAY, MIK and VRX.TO ADDITIONS TO WATCH LISTS: We will continue to hold off adding any stocks to the Watch List for now BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List There are no Large Cap stocks on the Watch List at this time. Mid Cap Watch List 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 or above the stop loss provided. At your service, John Hopkins, EarningsBeats