EB Watch List Update Report

Dear Members: MARKET NOTE: The Dow simply got ahead of itself the past few days and needed some relief. There was some selling earlier in the session, but not enough. The NASDAQ has been weak the past two sessions as traders rotated out of tech stocks into blue chip stocks and is getting a bit of a reprieve today. In the meantime the S&P has performed well after bouncing off of its 200 day moving average last week and currently remains above all key technical levels. The selling in the Dow barely qualifies as a pullback after rising rising 1000 points in a week. But it remains stretched which will make it difficult to advance much further as long as it stays technically overbought. This doesn't mean we'll see a major sell off but the reward to risk has shifted to the downside. The VIX is up slightly but still shows traders are much more calm than they were a few days back. The equity only put/call ratio backs this up. It has fallen from the lofty level of 1.0 to .6 as fewer options traders bet against the market. But as we've seen lately that can change quickly. The S&P got as low as 2152 before bouncing. The first level of support is now at 2145. Should that go, 2136 becomes an important level of support. To the upside 2182 - yesterday's high - is now resistance. We'll see what the afternoon brings and if traders continue to favor the long side. The Dow is over 100 points off of its high from yesterday so maybe the bulls will take another crack at it. But with the Dow being so stretched it won't be so easy. KEY EARNINGS REPORTS Companies reporting earnings today (November 11) include: JCP Companies reporting earnings Monday (November 14) include: There are no key earnings reports due out Monday ADDITIONS TO WATCH LISTS: Holding off doing anything at this point. If the Dow does pull back it could likely take the NASDAQ and S&P aong for the ried. 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 fairly flat as is struggles to remain above its 50 day moving average. The weakness in the NASDAQ the past few sessions hasn't helped. As a reminder we have a stop of a close below $40.05. Mid Cap Watch List None Small Cap Watch List HLX - Stock put in a higher high today and our target remains $9.85. None at this time DELETIONS FROM OUR WATCH LISTS: None I want to wish everyone a restful weekend and will be back with my EB Watch List Update Report on Monday morning. At your service, John Hopkins EarningsBeats