EB Watch List Update Report

MARKET NOTE: Dear Members: As I pointed out in my Market Update yesterday morning the market was looking strong with the major indexes poised to challenge their respective all time highs. We're seeing that happening today with the trifecta of the Dow, NASDAQ and S&P putting in record highs. We're also seeing a lot of investor confidence as the VIX has hit a level not seen since July of 2014. The move higher in equities is taking its toll on commodities and government bond yields are rising as more dollars move into stocks. The good news and bad news on the NASDAQ; big gap up showing strength but also now overbought; just like that! The same is not true of the Dow or S&P which makes sense since they have been the laggards, especially the Dow. Now that we're in record territory all the way around, what might be next? In looking at the S&P 2300 seems a natural level of resistance and on the Dow 21,000; nice round numbers. After that hard to say. But traders have been waiting for a break out for quite some time now so there could still be a ways to run. The NASDAQ, on the other hand, is technically stretched here so it wouldn't surprise me to see some profit taking there. On the other hand, the bullish momentum might keep the rally going, partly depending on how earnings look in the near term. So now we've got resistance on the S&P at 2300 with support remaining near that 20 day moving average, now at 2267. But any way you look at it the bulls should be respected here for hanging in until they got the breakout they have been waiting for. KEY EARNINGS REPORTS Companies reporting earnings today (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 Companies reporting earnings Tuesday (January 26) include: ADS, GOOGL, AMCC, AVT, BHI, BIIB, BX, CAT, CELG, CMCSA, DOW, ETFC, F, HAR, HP, INTC, IVZ, JBLU, JNPR, KLAC, LEA, MXIM, MSFT, NOC, OSK, PYPL, POT.TO, PHM, DGX, RDN, RTN, RHI, RCL, SHW, LUV, Sh, LUV, SWK, SBUX, TROW, ULVR.L, UIS, VMW, WHR and XLNX ADDITIONS TO WATCH LISTS: None at this time but will let you know if I spot any high reward to risk trading opportunities BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NVDA - Stock matched its most recent high just above $109 before pulling back some. It's formed a black candle which can sometimes indicate a reversal. So want to keep a close eye on it to see if it picks up strength later in the session or fades. For sure any move back above $109.30 would be bullish. Mid Cap Watch List NUAN - Stock got as high as $16.34 this morning and not far from our target of $16.48. Any decent close above $16 would be a positive for the stock. Small Cap Watch List PIR - Stock matched its recent high close earlier in the session and a close above $7.71 would be bullish. TRUE - Stock is flat but is back above all key technical levels and a close above $13.12 would be bullish. DELETIONS FROM OUR WATCH LISTS: None at this time At your service, John Hopkins EarningsBeats