EB Watch List Update Report

Dear Members: MARKET NOTE: I wanted to let members know that I will be in travel mode today. Accordingly, I am providing my Market Update this morning before the market opens. Right now the futures are pointing to the possibility of a slightly lower open as earnings season gets ready to kick off. This follows the Dow getting within a whisker of the 20,000 level that the bulls are anxious to see. We did have record highs on all of the major indexes Friday and traders remain quite (too?) optimistic with the VIX near the very low end of the historical norm. Alcoa will kick off earnings season when it reports its numbers after the bell tonight. Then get ready for thousands of earnings reports to be unleashed over the next month or so. There's a growing chorus of voices saying the market is ready for a pause. This is very possible. However so far traders have been more than willing to jump in on any dips. None of the major indexes is technically overbought though not that far from being stretched. On the S&P the new level of resistance is Friday's all time high of 2282 while the first line of technical support is at 2252. We might need to wait until we start seeing a representative sampling of earnings results before the market makes any big move one way or the other. However, it remains tough to bet against the market, at least for the moment. KEY EARNINGS REPORTS Companies reporting earnings today (January 9) include: AA, AYI, CON.DE Companies reporting earnings tomorrow (January 10) include: There are no key earnings reports due out tomorrow ADDITIONS TO WATCH LISTS: We added a few stocks to our Watch List last week with additional comments below. Also we will be updating our Candidate Tracker sometime this week and will let you know when it is completed and ready for your review. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NVDA - Stock is consolidating at its 20 day moving average, now just above $102. It had gotten very overbought but that is no longer the case. As long as it holds the 20 day it has a shot at moving higher. Mid Cap Watch List NUAN - Stock made a strong move and tested its 200 day moving average on Friday before pulling back some. It would be bullish if the stock could clear that 200 day level, now at $15.80. Small Cap Watch List TRUE - We added this stock Friday at an initial entry price of $12.90 with a second entry on any pullback to $12.60 with a price target of $14 and a stop loss of any INTRA DAY move below $12.40. It held steady on Friday and a move and close above $13.29 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats .