Scoping Out My Next Catch

After some sizable wins and only a few small losses to kick off 2015 I am back to 100% cash. The Russia short I day-traded (and sold into the bell, noted on this blog) yesterday would have gone against me this morning, as oil and Russia are bouncing after an early ECB release. In addition, a faulty AMZN rumor hit the tape, causing some back-and-forth there without much sustained for a leading stock still with a damaged chart. Until the small caps can resolve their range, for example, I am not likely to force the issue in equities, either way. On the 30-minute chart for the small cap ETF, below, note the pattern forming with the light blue lines indicating a series of lower highs, but higher lows. Whichever way this resolve will likely offer up some type of trade, if only for a quick one. Over $116.82 should help the bull case, while a move under $116 could get a breakdown going. After earnings, NFLX is back up to its 50-period weekly moving average, a place to look for potential resistance after a long overdue bounce, while IBM is weak and still heading lower. I maintain a target of roughly $130 there from a measured move from a confirmed top.