EB Watch List Update Report

MARKET NOTE: Dear Members: Traders are in a better mood today than yesterday with all of the major indexes higher. Nerves have soothed with the VIX down 2% as it moves back below all key technical levels. Once again all of the major indexes are above key technical levels with the S&P holding exactly where it needed to yesterday. When you stop and think about it the market has behaved quite well with the transition in the White House. Historically this has not always been the case. So it shows me there is a lot of strength underneath the market. It also shows me that traders are looking for solid earnings over the next few weeks and if they are right that should help to boost the market higher. You can see how stubborn the bulls have become with buyers jumping in right on cue as the S&P once again tested its 20 day moving average yesterday. Maybe that will change at some point but at the moment support at that level has been very strong. We'll get another batch of earnings after the bell and throughout the week and then next week the earnings floodgates will open. So you can expect a great deal of scrutiny with traders prepared to reward those companies that exceed expectations while punishing those that come up short. The pecking order on the major indexes has remained consistent for the past few weeks; NASDAQ the strongest, S&P holding its own and the Dow lagging. But the good news for the bulls is every major index is now within easy striking range of its respective all time high. I believe those levels can be hit if earnings live up to expectations. In the meantime we'll continue to use the 20 day on the S&P, currently at 2264, as support and 2282, the all time high, as resistance. KEY EARNINGS REPORTS Companies reporting earnings today (January 24) include: MMM, AKS, BABA, CNR.TO, COF, GLW, CREE, DHI, DFS, DD, FITB, ISRG, JNS, KMB, LMT, NAVI, STX, STLD, SYK, TXN, TRV, VZ and WAT Companies reporting earnings Tuesday (January 25) include: ABT, T, BA, CTXS, DLB, EBAY, FFIV, FCX, HES, HBAN, ITW, KNX, LCRX, LVS, MKC, MCK, MUR, NSC, NVR, PGR, QCOM, RJF, ROK, STT, TER, TXT, URI, UTX, VRTX, GWW and WDC ADDITIONS TO WATCH LISTS: We added PIR to the Watch List with more information below BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NVDA - Stock is fairly flat as it continues to consolidate above its 20 day moving average. Would like to see it close back above the most recent high close of $127.08 which would be bullish. Mid Cap Watch List NUAN - Stock is up slightly as it remains above all key technical levels. Would love to see it close back above $16 which would be bullish. Small Cap Watch List PIR - We added this to our Watch List yesterday at an initial entry price of $7.46 with a second entry on a pullback to $7.20 and a price target of $8.60 and a stop loss of any close below $7.20. So far today it is up almost 1.5% and a close above $7.71 would be bullish. TRUE - Stock is trying to move back above its 20 day, now at $12.78, after holding where it needed to yesterday. Would like to see it get some distance above that 20 day and a close above $13.12 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats