EB Watch List Update Report

Dear Members: MARKET NOTE: Both the Dow and the S&P put in new all time highs today while the tech heavy NASDAQ is lagging as we get ready to close out the month of November. The moves higher today come on the heels of a stronger than expected ADP jobs report as well as strong personal spending and Chicago PMI reports. It also comes with oil shooting up higher on a reported OPEC deal where they plan to cap production. Additionally, some key Cabinet members in the new Administration have been announced. Everything combined has lifted bond yields as well with the market pricing in a 100% chance of the Fed raising rates during its upcoming December FOMC meeting. In looking at the overall market, a few observations. First, momentum remains strong in spite of the market being stretched. This is particularly true of the Dow with stochastics of 96 and a RSI of 75. This is likely going to continue to put a lid on the market in the very near term. That's not bearish. It just means traders get more reluctant to put money to work in a stretched market. The VIX continues to show traders are comfortable being long stocks; very little fear out there. While the mood of the market is positive it would still be more beneficial to see some relief; who wants to chase a rally that has gone on for a few weeks now? So I would be just fine to see some selling. For now resistance on the S&P is at 2214 with some psychological support at 2200 and technical support right around 2180. In the meantime it makes sense to be very selective here just in case traders decide to start booking profits en masse. KEY EARNINGS REPORTS Companies reporting earnings today (November 30) include: AEO, PVH, RY.TO, SMTC and SNPS Companies reporting earnings tomorrow (December 1) include: AMBA, DG, DCI, FIVE, KR, LE and SHLD ADDITIONS TO WATCH LISTS: First, please note that we will be adding a substantial number of stocks to our Candidate Tracker over the next few days and will let you know when they are on the site. We issued a long alert on AKAM this morning. 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 AKAM - Stock was added this morning at an entry price of $66.58 and a price target of $71 and a stop loss of a close below its 20 day moving average. A close back above $67.28 would be bullish. Mid Cap Watch List None at this time Small Cap Watch List HLX - This stock exceeded our price target of $10.20 early this morning so a profit alert was issued. GREAT TRADE! DELETIONS FROM OUR WATCH LISTS: We are removing HLX from the Watch List since it hit our price target At your service, John Hopkins EarningsBeats