EB Watch List Update Report

Dear Members: MARKET NOTE: Technology is leading the way today with the NASDAQ hitting another all time high. The Dow and S&P started out lower today but have since moved into the plus column as well; the bulls aren't giving up on Dow 20k so easily. The VIX is showing that traders remain mostly undeterred; it's tough to keep the market down. Of course we're closing in on a change in the Administration and we're getting ready to move into high gear as earnings season gets underway. The NASDAQ is starting to look a bit toppy; it's made a strong move since its December 30 bottom. And there's no historical numbers to compare it to as it has made a move above 5560 for the first time ever. The S&P remains below last week's all time high of 2282. But if traders keep adding on the long side that number could be revisited as well. With Alcoa reporting its numbers tonight and some big banks later in the week, traders will start to at least get a feel for what earnings might look like for the quarter. This in turn could help determine where the market is headed next. Like I said in yesterday's update; it's tough to bet against the market here even with the NASDAQ stretched. But it does start to get a bit more risky at these levels when everyone wants to be on the long side. The range on the S&P is clear to see here; 2282 to the upside and 2255 (the 20 day moving average) to the downside. We do need to remember that the S&P has climbed over 9% since its bottom in early November so adding on a bunch of points without some type of decent correction could be like pulling teeth. KEY EARNINGS REPORTS Companies reporting earnings today (January 10) include: AA Companies reporting earnings Wednesday (January 11) include: FUL and KBH ADDITIONS TO WATCH LISTS: I'm reluctant to add any alerts at this time, especially with the NASDAQ so toppy, but will let you know if I see anything worth pursuing. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NVDA - This stock moved up yesterday and again today after holding where it needed to at its 20 day moving average. If it continues higher here it will be tested just below the $112 level. If it can clear that level that would be bullish. Mid Cap Watch List NUAN - This stock moved and closed back above its 200 day moving average yesterday which is bullish. Would really like to see it remain above that level, currently at $15.76. One more strong burst could give it a shot at reaching our target of $16.48. Small Cap Watch List TRUE - This stock got within 9 cents of our target of $14 yesterday before pulling back. Today it tested the 20 day moving average and hit our second entry price of $12.60. Would like to see it close back above the most recent high close of $13.12. We will maintain our stop of any Intra Day move below $12.40. DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats .