EB Watch List Update Report

Dear Members: An abbreviated report today as I am literally up in the air heading to the West Coast. The bulls are trying to take advantage of the positive momentum with all of the major indexes reaching new record highs. Right now the NASDAQ is technically overbought; it needs a day off. The S&P is close to being overbought as well but it's taken a long time to get to 2300 so the bulls don't want to back off so easily. The Dow has been doing some catch up and since it finally got to 20,000 the bulls would like to keep that going as well. The VIX remains historically very low. Some perspective for you. The all time high on the VIX was up near 90. The all time low in the 9's. It got as low as 10.61 this morning. In addition the equity only put call ratio is showing a lot of investor confidence as well. So perhaps a bit too complacent at the moment with the major indexes stretched. This doesn't mean the market can't go higher here; momentum is powerful. But at this point a little profit taking wouldn't be a bad thing. The new high on the S&P is right near 2301 so that will be a level the bulls will need to clear for additional gains. To the downside we'll want to continue to keep an eye on the 20 day moving average, now at 2270, as support. I will be back tomorrow morning with a full update. At your service, John Hopkins EarningsBeats