EB Watch List Update Report

MARKET NOTE: Dear Members: It should be difficult for the market to make much progress here with the NASDAQ so stretched with the S&P and possibly putting in near term tops as well. But traders are in refusal mode; refusing to sell their stocks. The VIX is higher today by over 4% but it still remains below all key technical levels. So a teeny bit of worry today, but not much. Government bond yields continue to fall with the yield on the 10 year treasury note now at 2.13%. That's a full 50 basis points below the March peak with investors looking for safety. But if they're looking for safety you have to wonder why stocks continue to hold up so well. Puzzling. Then there's gold which has been on fire lately as it approaches $1300 per ounce, also indicating traders are looking for alternative ways to deploy assets. So a lot of mixed messages here which the bulls are completely ignoring. Perhaps traders are coming to the conclusion that the Fed won't be able to be as aggressive in raising rates as they have indicated, that rates will remain low for an extended period of time. In the meantime, earnings have been solid; nothing is more important to investors than the bottom line. I still think it makes a lot of sense to remain more cautious here. Maybe stocks hold or even move higher but it could get harder to tack on substantial gains, at least in the near term. Right now the range on the S&P is 2440 to the upside and 2408 to the downside. Not a great range to try to pick up big gains. KEY EARNINGS REPORTS Companies reporting earnings today (June 6) include: PLAY, LE and MIK Companies reporting earnings tomorrow (June 6) include: NAV ADDITIONS TO WATCH LISTS: We have updated the Candidate Tracker with some new trading candidates now available to members BRIEF COMMENTS ON SELECT WATCH LIST STOCKS: SHORTS: None at this time LONGS: Large Cap Watch List TWTR - Stock hit our second entry level today at $17.60 as it tested its 200 day moving average at $17.54. This should be a level the stock bounces from but if it doesn't we have a stop of any close below $17.35. TER - Stock is in consolidation mode and remains above all key technical levels. A close above $35.78 would be very bullish. Mid Cap Watch List None at this time BLMN - Stock is down 1% as it continues to hug its 50 day moving average. It tried to clear its 20 day earlier in the session before pulling back some. A close back above the 20 day, currently at $20.50, would be positive. DELETIONS FROM THE WATCH LIST None at this time At your service, John Hopkins EarningsBeats