EB Watch List Update Report

Dear Members: MARKET NOTE: The very overbought market is seeing some relief today with all of the major indexes lower. It's not yet heavy selling but it really is overdue, especially when you have stochastics on major indexes closing in on 100 an RSI's above 70. Consider this; the Russell 2000 went up non-stop for 15 days in a row on speculation that they will benefit from a change in the White House. Over that 15 day period the Russell 2000 rose 16.5%. That would be considered a great year's results by any measure let alone over two weeks. It's not just stocks that have gotten ahead of themselves. The same can be said for government bond yields and the US Dollar. The ViX, which has headed non-stop lower since the election, is up 8% today but still remains below all key technical levels. A key test will be between 14-15 where the bulls hope to defend. It was also reported today that another key metric, bullish percentage, is now near 50. In other words, a recent and big shift from bearishness to bullishness. Makes total sense given the action the past two weeks but also shows perhaps too much optimism too quickly. Lately traders have been more than happy to buy on any pullbacks so it will be interesting if we see the same thing happen as the day progresses. In looking at the S&P the bulls would like to keep the S&P above 2200, a level they worked hard to get to for a long time. The S&P got as high as 2213 last week so that is now resistance. There are a boat load of key economic reports due out this week including second look at Q3 GDP, Case-Shiller housing index and consumer confidence tomorrow. We'll also be getting personal income and spending, Chicago PMI and the Fed Beige Book on Wednesday and all leading to the granddaddy of reports; non-farm payroll, on Friday. Put together, these reports could have a significant impact on very near term trading. And I expect volatility to pick up this week while giving us some important clues as to where the market might be heading as we get closer to year end. KEY EARNINGS REPORTS Companies reporting earnings today (November 28) include: There are no key earnings reports due out today Companies reporting earnings tomorrow (November 29) include: ADSK, BNS.TO and TIF ADDITIONS TO WATCH LISTS: I'm keeping a close eye on our Candidate Tracker while looking for high reward to risk trading candidates on any pullbacks. Will keep you posted via email. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: There are no shorts on the Watch List at this time LONGS: Large Cap Watch List None at this time Mid Cap Watch List None at this time Small Cap Watch List None at this time DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats