Looking for That Certain Spark

One of the early themes in today's session to observe would be the many badly beaten-down momentum names finally experiencing something akin to a reprieve. Specifically, the likes of AMBA GPRO TWTR, even WFM, are all impressively higher this morning. 

Of course, there likely remains plenty of trapped longs from higher prices in all of those issues, given their downtrending charts, which means rallies are suspect for now. But, clearly, as beaten-down as they were the market was looking for any reason to ignite a snapback rally to keep shorts honest. 

On the other side of the tape, First Solar is leading solar down, on the back of another soft session in crude oil which is surely not helping the cause. We have been consistently bearish on solar for a while now, another part of the market with plenty of dead money trapped from higher prices. And I see not reason yet to flip bullish. 

Overall, the broad market is bouncing this morning among whipping conditions, with a likely buildup into the FOMC next week starting to take hold. We are keeping tabs on the best of the best long ideas for Members, while tactically maneuvering the short side and inter-market setups, to boot.