EB Watch Update Report

Dear Members: This is going to be an abbreviated update today. Recently I had pegged 2325 as a target for the S&P once it cleared 2300. We're there today with all of the major indexes setting record highs. I want to point out that the market has reached extreme overbought conditions which makes it ripe for a pullback. It doesn't mean it will happen but to me this is not the time to take on additional positions and an opportunity to lock in profits. In fact two of our outstanding Watch List stocks - JBL and JKS have hit their respective profit targets this morning so they will be coming off the list. I also want to point out that in spite of all of the major indexes being higher the VIX is higher as well. To me this is a sign that the market has gotten way too complacent. We've also got options expiring this week which sets up for additional volatility. So I believe this would be a good time to lay back and lay low, even if the market goes higher. Quite often pullbacks come out of the blue but in this case I see some signs that show a pullback would be healthy right now. I will be back tomorrow morning with my regular Market Update. At your service, John Hopkins EarningsBeats