EB Watch List Update Report

MARKET NOTE: Dear Members: We've got a mixed market this morning with stocks well off session highs just a day after a broad tax proposal was released. The insatiable appetite for tech stocks continues with the NASDAQ hitting another all time high. At the same time the NASDAQ is very stretched here and technically overbought after rising non-stop for the past two weeks. The S&P got within just 2 points of its all time high yesterday before stalling. The bulls are finding it's a tough level to cross; it would be a big deal that could lead to even higher prices. The VIX is fairly flat; virtually no fear right now. Additionally, option activity shows purchase of calls at a record high; everyone is betting the market will go higher here. There are some important companies reporting earnings tonight after the bell including Amazon, Google, Intel and Microsoft,to name a few. The reaction to these tech giants, along with Q1 advanced GDP tomorrow morning, could help determine the short term direction of the market. In looking at the overall picture we have a very extended NASDAQ and a Dow and S&P struggling to make new highs. Is the market topping or is there more room to move higher? This is the key question traders are grappling with right now so to me it makes sense to see if we get the break to the upside, especially in the S&P, before adding positions. Right now the range on the S&P is 2400 to the upside and 2362 to the downside. Whichever one goes first should give us an idea of where the market might be heading. KEY EARNINGS REPORTS Companies reporting earnings today (April 27) include: AFL, ALXN, ALGN, ALLY, GOOGL, AMZN, AAL, AMT, AMKR, ATHN, AVT, BIDU, BWA, BSX, BMY, BC, CAA, CELG, CERN, CHKP, CVEO, CME, COHU, CMCSA, CTB, CTS, CUBE, CY, DPZ, DOW, DX, ELLI, EXPE, STAY, FICO, FLEX, F, GNRC, GWB, HLS, INTC, IP, JCI, KKR, KLAC, LLL, LAZ, TREE, MMC, MGM, MSFT, MHK, PH, PJC, POT, RDN, RTN, RS, SIRI, SKYW, SWKS, LUV, SBUX, SYNA, TCO, TZOO, TRMB, UA, UNP, UPS, VRSN, VRTX, VC and WDC Companies reporting earnings tomorrow (April 28) include: B, CPN, CVX, CL, XOM, GM, GT, HMC, HST, PSX, ROP, RBS, RCL, SAVE, TRI, UBS, VLP and WY ADDITIONS TO WATCH LISTS: A reminder that we have updated our Candidate Tracker that is now available to members. Some of these stocks could become trading candidates. BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List NOV - We removed NOV from the Watch List yesterday ahead of this morning's earnings report. NVDA - Stock is higher by 1.3%. 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