Who's Watching?

Previously beaten-down and lagging parts of the market, namely AAPL and biotech/pharma, are leading the market's reversal off a soft open in the wake of the Brussels attacks overnight. You might say that the market is doing its best to frustrate just about most traders here, as shorts are not picking up much steam and fresh long entries are few and far between. 

FIT is a sharp squeeze play which several Members got involved with for a quick date, though anything serious with that chart beyond a fling is suspect, given the overall damage sustained. Also note the lack of accompanying squeezes in the likes of GPRO MBLY WTW, which drives home the point of how selective the market is, short-term.

Furthermore, if we are going much higher into the spring months then I suspect we need a fresh batch of leadership, perhaps coming from the payment processors (e.g. SQ) or semis (MXL). One reason why new leadership is key is due to the old guard acting unimpressively. 

On the NFLX daily chart, below, the recent rising wedge could easily serve as a fresh short idea if the ball gets rolling downhill, denoted by the light blue lines.

Either way, NFLX has spent the last two months below its 200-day moving average and is not acting like it wants to remain a leader even if bulls manage a run to new highs.