Juggling Another Gap Up

You almost get the sense that the market is juggling all of its moving parts, both domestically and internationally, more than usual of late. 

Yesterday's gap higher featured a subsequent grind lower into the bell. And while this morning's gap higher has not been fade anywhere near yesterday's, the 30-miute timeframe of the SPY (ETF for the S&P 500 Index), below, shows that the recent wild price swings have not amounted to much.

Specifically, the SPY is has been going nowhere, overall, since its late-June dip off a failed breakout to new highs. 

That said, some individual bright spots include HZNP and MBLY on the long side, two recurring long ideas and trades inside Market Chess Subscription Services. 

And regarding the laggards, BIIB continues to underwhelm after being a bonafide large cap biotech leader for many years. Zillow has also trapped many a buyer from higher levels. 

Headed into the late-morning on this summer Friday, I continue to watch the intraday SPY action closely to see if bulls can manage a secondary squeeze or, instead, if this is simply more of the same sloppy range.