Kiss Everyone Without Fangs Under the Mistletoe

The Christmas week rally is drifting higher as I write this, with index bears disappearing into the unseasonably warm winter night after last Friday's sharp sell-off. 

However, the glaring laggards are seen among the esteemed market leadership in the Nasdaq, namely the red prints on AMZN FB GOOGL, with NFLX having previously lagged for several sessions. 

In addition, a leader like PCLN remains red. I am short this one inside Market Chess Subscription Services, betting on that $1,270 level to breach with authority. For now, dip-buyers are trying to defend it. If PCLN regains $1,285 and especially, $1,310, I will head for the exits and cover my position. To my eye, PCLN has a similar feel as the TSLA chart of late, perhaps even NFLX.

But, for now, the obvious market leaders are taking a backseat to the bounce in the indices and energy sector. Biotech is also getting its swagger back, with the help of the CELG move today. 

Overall, the zigging and zagging broad market action continues into the holidays, with individual action below the surface not quite reflecting the rally.