Some big earnings tonight, including FB GILD WYNN.

Who is playing them, and how?

Bulls ran away with the small and micro caps today. I will discuss the context of this, and plenty more, in my video market recap after the bell.

See you there.

https://www.youtube.com/watch?v=xBcsfyysL2Q

The 200-day moving average for the small cap ETF is suddenly back in play, as today’s potent rally has taken price back up to precisely test that reference point today, at $113.83.

It is tricky to swing a short in front of The Fed tomorrow, in addition to how resilient the snapback rally in the market has been to conclude October.

But this would likely be the last best chance bears have at turning buyers away.

If they fail, I still have the likes of PBPB on my radar as a long idea.

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TWTR is finding some initial buyers at the $42/$43 area on this huge earnings gap-down.

Going forward, it will be interesting to see if that prior resistance area (from July) now turns into current support.

I suggest a stop below $42 for any long attempts off this earnings gap.

The company, going forward, obviously needs to do a better job of monetizing its brand and staying on point.

What are you trading this afternoon?

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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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This morning’s rotation for hot money longs seems to be circling back to recent IPO’s, such as BABA GPRO LOCO TUBE YDLE, among others.

In addition, even beaten-down names are showing signs of life, such as PBPB SEAS SPLK.

To be sure, if this action continues after the Fed it is going to be another round of musical chairs for momentum longs, with the quickest ones making fast scores before the music stops.

But, more than anything else, the action today smacks of the market burning time until the big FOMC announcement tomorrow afternoon.

After threatening a clean breakdown yesterday, Tesla is squeezing back higher, effectively chopping up many a trader and certainly punishing yesterday’s new shorts. Indeed, it is that type of market.

Crude oil continues to hold the line at major support, which may very be good enough for now with sentiment quite bearish on the black gold.

Circling back to equities, the SEAS contrarian long interests me most, over $19, as does a quick PBPB squeeze higher before their 11/04 earnings.

BWLD is gapping up into a damaged chart, while TWTR is gapping down and weakening its own one considerably.

ACHN looks like it is breaking higher without me, though it has a major announcement coming soon.

Facebook, once again, is firm in front of earnings tonight.

I am still sitting in cash and waiting for better spots to get involved, most likely after the Fed tomorrow. Nonetheless, you can see the danger of shorting this market (as far as indices go), given the runaway nature of the biotechnology and transportation stocks.

Unless and until they reverse, I am keeping it tight.

What are you trading this morning?