EB Watch List Update Report

Dear Members: MARKET NOTE: We've got quite a bifurcated market today with the Dow hitting a record high while the NASDAQ has pulled back hard. Clearly we're seeing some rotation from high flying tech stocks to those stocks traders have determined could do better under a new Administration. This spike higher in blue chips now has the Dow technically overbought with stochastics now over 90 and a RSI at 70. On the other hand the NASDAQ is struggling to remain above key technical levels. The S&P remains above all key technical levels though it is well off session highs. A big question of course is can the Dow and S&P hold recent gains? From its low on November 4 to its high today the Dow is up almost 1000 points; pretty impressive. But this is what has led to the Dow being overbought. It's even more impressive when you consider it was down by over 700 points election night before the big turnaround yesterday. US Treasury bond yields continue to climb with the ten year treasury note touching 2.12% at the high of the session. This compares to 1.71 just one week ago. This represents a 40 basis point climb, indicating traders are now expecting the Fed to embark on a rate raising campaign. We've also seen market fear go from extreme worry to extreme complacency over just a few days. So much has happened over the past few days that the market seems to have taken a buy now and think about it later approach. I still find this concerning though the action especially in the Dow shows a renewed interest in equities. It's still never an ideal scenario to have a mixed market; much better when all of the major indexe are in sync. At this point it doesn't make sense to chase the rally, especially in the Dow; it's already too stretched. On the other hand it's a market that could be tough to short. In the meantime the current range on the S&P is now 2182 to the upside and 2134 to the downside. KEY EARNINGS REPORTS Companies reporting earnings today (November 10) include: DIS Companies reporting earnings tomorrow (November 11) include: JCP ADDITIONS TO WATCH LISTS: Holding off doing anything at this point 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 off the low of the session after dipping below its 50 day moving average. Would like to see it get back over its 20 day moving average, now at $41.14. As a reminder we have a stop of a close below $40.05. Mid Cap Watch List MAN - This stock exceeded its price target today of $82 so a profit alert was issued to members and it will be removed from our Watch List. GREAT TRADE! Small Cap Watch List HLX - Stock is up over 2% and our target remains $9.85. None at this time DELETIONS FROM OUR WATCH LISTS: None At your service, John Hopkins EarningsBeats