Prepared for a Good Fight

On the first test of the declining 50-day moving average on the S&P 500 Index into this market bounce, bulls have come well-prepared for a fight. Leaders like AMZN FB GOOG are shining, though GOOG earnings tomorrow could be a trump card for a chart still consolidating since early-2014. 

We trimmed a chunk of our gains in a FB long earlier today inside Market Chess Subscription Services. And instead of placing ambitious macro index bets at this point we are simply trading what we see in terms of individual issues, a much more sensible and lower risk proposition. 

INCY is another long of ours in the biotechnology arena, and perhaps names like RGEN SGEN can follow suit, as XON ZIOP scream higher. 

Of course, there are some divergence and suspicious signs, such as GREK (Greece ETF) coming in hard after the deal. But, for now, we are taking it one setup at a time, as long as the market keeps grinding higher, all the while noting the relative weakness names in case we do crack.