EB Watch List Update Report

MARKET NOTE: Dear Members: I am literally 30,000 feet up in the air as I write today's update on my way to the West Coast. The marvels of modern technology! The market continues its winning ways today with the S&P back over 2100, at least for the moment. It's one of those times when I find myself scratching my head a bit wondering why there is such a flight to safety in treasury bonds and gold while stocks continue to rise as well. It's what's kept me suspicious even though the market apparently doesn't care much about what I think. Once again the VIX is lower, down by over 4%, gold is surging and the yield on the 10 year US Treasury Note is at 1.53%. Concerns about Brexit seem to have evaporated as well. So all is good with the market. Or is it? So far the S&P is above all key technical levels and still remains below the most recent high near 2120. Can it get there? Or, if the S&P suddenly dips back below 2100 will traders be saying, "here we go again!" Right now the market has its head down and seems destined to move higher. And perhaps it will. But I still would not be shocked to see a reversal; the market has a way of surprising everyone. For now we'll need to keep an eye on that 2120 level on the S&P to see if the bulls are successful in revisiting. To the downside, 2076 is awful important now. It represents both the 20 and 50 day moving averages. So that is our range for now; 2120 to the upside and 2076 to the downside. Perhaps we'll know in a day or two where the market is headed next. Let's also remember that this is a long holiday weekend. Will traders be willing to hold on to positions over 3 days? We'll know by day's end and that might provide some clues as well.