The major averages all pretty much reversed abruptly lower this morning after futures indicated a gap higher at the open, seen on the 5-minute chart for the small cap ETF, below. While individual issues like ICLD JKS YHOO are notable outperformers, some of the marquee liquid high growth issues like FB LNKD NFLX TSLA are lagging again, some even vulnerable to further pullbacks.
We have been here before, of course. And bulls always seem to be able to mount that late-morning or afternoon comeback just when it appears that the fade is here to stay and wreak havoc. Should that happen again, I am still looking at Google as one of the better longs in the tape. I have also charted plenty other long ideas in the past few days.
On the short side, I am patiently sticking with Starbucks looking for a 50-day moving average test.
Drop me some tickers of what you are trading this morning.
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Chess, I’m admittedly nut-hugging OA w/ $C, but so far, so good.. One individual I’m not pleased with is WLT…
Unc,
Financials going for the big rotation still, as high momentum names pause or suffer.