Stock #Market Recap 04/25/14 {Video}

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With Cree confirming a weekly topping pattern, I view all rallies as shorts in this name.

Also, peer Veeco is close to confirming a daily top, second chart below.

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Perhaps the most bearish aspect about today’s price action is the nearly 2% loss in the small caps housed in the Russell 2000 Index. The action smacks of distribution, yet again, undermining the progress bulls had made since last week’s lows.

Those high beta issues, seen on their ETF daily timeframe below, got rejected at the middle Bollinger Band (20-day moving average), and now can move down the lower band at roughly $109 next week. At a minimum, that scenario needs to be considered now as a probability.

A few shorts I am considering here, depending on the price action over the next hour or so: AXP DIS GM GS.

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On the 30-minute charts, silver and gold are both flagging out here nice and tight.

As far as miners, the junior gold miners are still outpacing their big brothers.

So far, so good regarding the recent upside reversals in precious metals and miners.

Needless to say, more work is ahead for bulls if they truly are going to cement a major bottom.

I would look to see if the silver ETF can finally clear $19 above, and more important hold it.

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After another fast open, the action has slowed down with a grinding bounce higher.

On the ETF for the Nasdaq, using a very short-term timeframe intraday, I am looking to see how this rising wedge resolves.

A move and hold back under $86.50 today likely sees the selling pick up again.

For now, it is a slow New York lunch hour.

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If you are looking for energy stocks to succumb to corrective market pressure, then the $93.25-$93.30 level, just below on the 30-minute chart, is where you want to see price crack.

ERY is a highly levered bear energy ETF to have on watch if you are looking to be aggressive.

What are you trading this morning?

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