EB Daily Market Report - Friday, January 16, 2026

Dear Members.

It's monthly options expiration Friday and we're seeing a bit of volatility though the VIX has settled down some after accelerating some to the upside earlier in the week.

We've only scratched the surface of earnings season with the major banks posting their numbers and mostly getting mixed reviews at best. But earnings reports will start to pick up big time next week and continuing throughout the month of January, and when all is said and done bottomline numbers matter a lot so we're going to get a better sense of what traders think of the cumulative results.

Tom has spoken lately about the bullish period that ends January 18. So far the S&P has remained above the 6875 level as we get ready to move into the tail end of the month.

Since the recent record high on the S&P of 6986 the bulls have been unable to clear that level and today we saw the S&P move close to its 20 day moving average of 6910 before bouncing. So these are the two levels to keep an eye on as we close out another trading week and as traders gear up for the onslaught of earnings reports that are set to come out starting next week.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins