Competing Forces

The overnight weakness out of Japan with a surging Yen seems to be outweighed by the continued resilience of dip-buyers in equities here in the U.S. into any and all pullbacks. 

Facebook is surely helping the bull case by gapping to fresh highs, with AMZN coming up this evening. Even biotech displayed a promising sign this morning with a precise bounce off the $272 prior base breakout level on the IBB sector ETF. 

Beyond that, a surge in M&A this morning largely centered around the hot medical device space jives with some of the recent long ideas for Members we have been tracking there, including the likes of BCR BSX ISRG, even CSII as a wildcard.

And then there is the global material mining/steels and energy complex, which continues to plod along higher. This complex has enjoyed a stellar few months, and we are actively looking at plays ancillary to the space, such as Golar, below on the daily chart.

When the complex flourishes, GLNG has reputation for being a smart outperformer, capable of squeezing the many shorts in the name.

After a multi-day pullback off its recent surge, if the name can push back over $22.40 I suspect another leg higher would be in play.