Unstable Raging Bulls

The zoomed-out chart for EMES, below, illustrates what we are seeing in many beaten-down energy and biotechnology shares of late. 

EMES is rallying more than 43% as I write this, along with assorted other squeezes in names like SLCA today. But when you view the chart as a whole, today's action is barely a drop in the bucket compared to the 

Energy and many biotech names had been so obliterated of late that a sharp snapback rally should not come as much of a surprise. The real issue is going to be whether they the rallies have staying power to confirm some type of durable bottom, which has yet to be confirmed. 

Nonetheless, we have some idea shaping up in the event the rally has legs. I will run through them for Members in my usual Midday Video.