The Usual Response to a Waterfall

Into the opening weakness we are see dip-buyers give it their usual effort in pushing stocks as close to back to green as possible. Small caps bounce particularly hard off the morning thrust down, as they continue to outperform in many respects this  year. 

Select issues, such as AYI JCP NDRM, are notably outperforming, essentially trading in their own worlds, and of course DYAX is the gap higher du jour in biotech land, despite my sector short working. 

BABA and GPRO look to be shorts again, as I mentioned BABA as a trap for longs yesterday. Both are still in established downtrends and remain weak. 

As far as new trades, I am impressed with the action in GDX and GDXJ this morning, potentially forming higher lows relative to early-March. Both are on watch for longs. 

And, of course, I am looking to see if dip-buyers can hold this reversal higher in the tape, or if it simply sets up another leg down later today. The outcome to that issue will likely dictate my next series of trades, too.