EB Watch List Update Report

MARKET NOTE: Dear Members: The market continues in a very good mood this morning with all of the major indexes higher. This includes the NASDAQ crossing 6000 for the first time in history, the Dow touching 21,000 for the first time since mid March and the S&P one step closer to 2400, it's all time high. The VIX is down almost 3% as it hit a level earlier in the session that put it close to an all time low. To put things in perspective, the all time low in the VIX is 9.81, a level hit in November, 2006. The low this morning was 10.22. So fear has completely disappeared which to some is a signal to go all in and to others is a warning sign that the market has gotten ahead of itself. But there's no disputing that the bulls have regained the momentum in a big way with some strong earnings already this week on some important stocks. The new all time high in the NASDAQ has resulted in the index being technically overbought. This doesn't mean stocks can't go higher it just means the rally could be getting long in the tooth. We'll get another batch of earnings throughout the week and then Q1 advanced GDP on Friday. So traders will continue to have plenty of information to digest as they make their bets. The real test for the bulls will be the S&P; can they clear the all time high of 2400? This is significant because the S&P represents a wide mix of companies and a move above that level could set the stage for even more buying. We've got a clear range on the S&P right now; 2400 to the upside and 2356 to the downside. Let's see how things look should the bulls manage to lift the S&P up near that 2400 level. It's only a dozen points away so easily achievable should traders remain in a good mood. In the meantime, let's keep a close eye on the VIX which is showing little margin for error in the event something comes up out of nowhere. KEY EARNINGS REPORTS Companies reporting earnings today (April 25) include: MMM, AKS, T, ARNC, AN, BHI, BKU, BIIB, BXP, CHRW, CIT, COF, CAT, CMG, CB, KO, CLGX, GLW, DFS, DD, LLY, FITB, FSLR, FCX, GCI, ILMN, JBLU, JNPR, LH, LMT, MAS, MCD, NLSN, PCAR, PNRA, PHM and R Companies reporting earnings tomorrow (April 26) include: ALK, AMGN, BAX, BA, BCO, SAM, BWLD, CHDN, CTXS, CS, DLB, DPS, DTE, EFX, ETH, FFIV, FCAU, FISV, FLIR, FORR, FBHS, GD, GSK, GG, GRA, HSY, HES, IR, LVS, LEA, LM, NBR, NDAQ, NTGR, NEU, NSC, NOC, NTRI, ORLY, OSK, OC, PYPL, PAG, PEP, PG, PSA, RGC, STX, SCI, SLAB, SIX, SJW, SONS, SU, TER, TSCO, TWTR, VLY, WRE, WM, WYN and XLNK ADDITIONS TO WATCH LISTS: We added NOV and NVDA to the Watch List yesterday with more details below. Also, please note that we will be updating the Candidate Tracker, including fresh trading candidates, between today and tomorrow and will let you know when complete. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NOV - First, PLEASE NOTE. We have determined that this company will be reporting earnings prior to the open on Thursday. Accordingly, we will be removing from the Watch List by tomorrow's close as we are hesitant to hold stocks into earnings. In the meantime the stock is off its high of the day and we'll want to see what it does between today and tomorrow but don't hesitate to take profits on any move higher. NVDA - We added this stock to the Watch List yesterday at an entry price of $103.12 with a price target of $109.75 and a stop loss of any close below $101.53. It's currently back above all key technical levels. A close above $106.07 would be bullish. Mid Cap Watch List None at this time Small Cap Watch List None at this time DELETIONS FROM THE WATCH LIST None at this time At your service, John Hopkins EarningsBeat