EB Watch List Update Report

Dear Members: MARKET NOTE: We're into the second day of trading for the new year and traders are taking advantage of recent weakness with all of the major indexes higher. A few things have caught my attention that are so far bullish. First, all of the major indexes are back above key technical levels. Next, the Dow is no longer overbought like it had been for a number of weeks in a row. In addition the VIX is down over 6% as traders have relaxed some after worrying what the new year might bring. So put together it looks better today than it did into year end. The S&P looks like it could challenge its all time high of 2177. The Fed will be releasing minutes from its most recent FOMC meeting today at 2 pm eastern. Given the recent rise in rates traders will be looking for any further clues as to what the Fed might be thinking about possible additional increases which could impact the overall market. We've also got the important non-farm payroll report coming out Friday which is almost certain to affect near term trading. But for today the bulls are hoping the bit of selling we've seen recently is behind us. Right now the range on the S&P is 2177 to the upside and 2233, the most recent low, now support. So you can expect a battle at that 2177 level. Should that level go then I think the bulls will aim for a nice and even 2200. This could coincide with the Dow clearing 20,000 for the first time ever. Bottom line: momentum is strong here and barring a major surprise in today's Fed minutes I think the market could move higher. KEY EARNINGS REPORTS Companies reporting earnings today (January 4) include: UNF Companies reporting earnings tomorrow (January 5) include: STZ, TCS and MON ADDITIONS TO WATCH LISTS: Going to be looking at potential long candidates and will let members know via email BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List None at this time Mid Cap Watch List None at this time Small Cap Watch List DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats