Yum! Turned Fried Chicken Into Wine

Assorted names like KORS YUM are gapping up violently this morning, after earnings.

However, the broad market is experiencing a relatively subsided bounce when compared to the heavy selling we saw yesterday and in recent weeks.

Microsoft, for example, got bulls excited with a move over $37 this morning, only to sink into the red as I write this.

While the VIX instruments are red, they have not giving up the ghost of recent gains.

Overall, I suspect a better long setup would have occurred if we gapped down at the open this morning, instead of a modest bounce. Nonetheless, let’s see if bulls can get the ball rolling uphill.

I am keying off the 30-minute small cap ETF chart, below. Note the potential for another bear flag down here, though bulls want a move over $110 to help to negate that.

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