This Market Still Leaves You to Your Own Devices

Despite a soft close yesterday, bears once again proved inept in terms of following-through to the downside. On the back of this morning's gap higher, several indices are clearing some important short-term levels, namely $111 on the IWM and $107 on the QQQ ETFs for the small caps and Nasdaq stocks, respectively. Holding above those levels is critical now, of course. 

But with the holiday weekend approaching, if bears cannot reassert themselves with an imminent downside reversal I suspect shorts forcing the issue will continue to be frustrated without the necessary discipline. 

For Members, we are focusing on a few short squeeze holiday ideas for quick trades, as well as some of the healthier charts in the market. 

Specifically, the medical device subsection within healthcare/medical technology continues to dazzle both in terms of overall technical structure of the charts and the price action this morning. You are talking about a collection of charts, in ALGN BCR BSX ISRG, which puts the larger cap biotechs and healthcare names to shame. 

In addition, one of our Members notes a name like Cynosure, on the weekly timeframe below bull-flagging. So in addition to the premier device plays, we also have the subsection broadening out for a bonafide team of healthy charts ripe to outperform further if the bulls prevail into Memorial Day and beyond.