EB Watch List Update Report

Dear Members: MARKET NOTE: The bulls continue their quest at taking the market higher and so far the rally has been stalled. The S&P took another shot at 2119 this morning and failed to clear. BUT, just as it pulled back to the open and low of the day just above 2112 the computerized buy programs kicked in, once again frustrating the bears who are holding out for a pullback. Clearly its not easy to kill the current momentum. Forced or not, the bulls are keeping up the pressure. This is coming with US crude climbing over $51 for the first time in many months. It's also coming with gold up nicely with all three asset classes benefiting from a weak dollar. Not to be lost here; the S&P is 5 points higher than where it was in mid April. So no progress which is what the bulls are hoping to change as they eye the 2130 level. Even then we're not talking many points, but from the bulls' perspective, if they can get to that level it sets up the possibility for even higher prices. So there are really two numbers to focus on today; 2119.87, the high of the day and 2112.71, the open and low of the day. If one of those goes it could dictate the very near term direction of the market. That's a very micro look but it's THAT close. KEY EARNINGS REPORTS Companies reporting earnings today (June 8) include: LULU and RH Companies reporting earnings tomorrow (June 9) include: HBC.TO, SJM and KFY ADDITIONS TO WATCH LISTS: I remain in capital preservation mode. Even if the S&P clears 2119 I don't see many points before we run into resistance again. 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