EB Watch List Update Report

Dear Members: MARKET NOTE: The little bit of selling we saw yesterday didn't last long with all of the major indexes higher today. The move higher has been bolstered with some stronger than expected economic reports, including revised Q3 GPP, Case-Shiller housing index and consumer confidence. In my update yesterday I pointed to the S&P having support at 2200 which it held yesterday and has done so far today. Though the market is higher today so far it has been fairly contained which is worth noting given the much stronger than expected economic reports from this morning. This tells me that the market has risen so much since the election that it is going to be tougher to get significant gains even when there is positive news. Some will even argue that the much higher than expected consumer confidence could be showing that the economy is peaking in the near term. Let's also keep things in perspective here. The Dow still has stochastics of 97 and a RSI near 73. The Russell 2000 remains technically overbought as well. And the NASDAQ and S&P remain stretched as well. So the move higher today is fine but could be contained in the near term. In looking at the chart of the S&P we know that 2213 is now resistance. It got as low as 2198 today so that is near term support. Key technical support, at the 20 day moving average, is now at 2176. So at the present time I believe there is more downside than upside risk. While the bulls always like it when the market is higher it would be better if there was some selling. Instead of seeing this as a negative I would see it as a positive as it could attract more buyers and present even better trading opportunities. KEY EARNINGS REPORTS Companies reporting earnings today (November 29) include: ADKS, BNS.TO and TIF Companies reporting earnings tomorrow (November 30) include: AEO, PVH, RY.TO, SMTC and SNPS ADDITIONS TO WATCH LISTS: We added HLX as a long alert to our Watch List. More on the stock below. 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 HLX - Stock was added this morning at an initial entry price of $9 and a second entry price on a pullback to the $8.60 level with a price target of $10.20 and a stop of a close below $8.37. DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats