EB Watch List Update Report

Dear Members: MARKET NOTE: Right on cue the market has bounced after simply being too oversold. Election or not, the signs for a bounce were quite evident, including an overbought VIX, all of the major indexes being technically oversold, too much betting against the market and the S&P holding perfectly at key support, all a nice recipe for a rally. Now the big question becomes, can the rally hold? So far the S&P has tested its 20 day moving average, now at 2126, so the question is can it plow through? If it does then the bulls are likely to take a shot at the 50 day, now at 2147. If it stalls - which it could - then we're back to being in limbo. The VIX is down by 18%; that's a plus for the bulls. However, it still remains well above all key technical levels. Interestingly, it is now the NASDAQ that is lagging, after being king of the hill for quite a while until the most recent bout of selling started. Its 20 day moving average is just below 5190, a level the bulls would like to revisit. So now the levels on the S&P are pretty well defined. If today's gains on the S&P hold then 2147 should come next. To the downside 2084 is now key support. And with the election now one day away, the market could go either way thought early momentum is strong. So it makes sense to continue to proceed with caution and see where things stand by day's end. KEY EARNINGS REPORTS Companies reporting earnings today (November 7) include: AC.TO, ALGN, AMC, CTSH, FICO, HTZ, HHC, MAR, MGM, PCLN and SYY Companies reporting earnings tomorrow (November 8) include: CGX.TO, CVS, DHI, LMCA, VRX.TO and W ADDITIONS TO WATCH LISTS: We added three stocks last week. Will hold off on adding anymore 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 PPYL - Stock is back above all key technical levels. Would like to see it close back above $41.76 which could help to take it higher. Mid Cap Watch List MAN - Stock is up over 2.5% today and a close above $80 would be a good sign. Small Cap Watch List HLX - Stock is up over 6% today and is right up against key resistance at $8.98 which represents the 20 day moving average. A move above that level could set it up to go higher. None at this time DELETIONS FROM OUR WATCH LISTS: None At your service, John Hopkins EarningsBeats