Half of the Battle is Not Getting Caught

Overly-aggressive shorts are in some pain this morning, with equities staging a sizable gap higher to open what should be another fun-filled week of macro data and a "Brexit" vote on Thursday out of Europe. 

Equities have had a propensity to stage a strong comeback, seemingly out of nowhere, for a good while now. And the lingering issue for bears is not so much their inability to bring the market down, but to indeed keep it down for any noticeable period of time. 

The theme of long-time laggards, like YELP, resurrecting themselves is still in play this morning, as the likes of FIT GPRO MBLY TASR are all looking a bit better. 

Even biotech is catching a reprieve, despite some ugly overall charts in that sector. Simply put, when the market behaves this either the play with a technical setup like biotech is to either patiently wait for a failed bounce to short, or go with the flow. 

Specifically, a recent IPO like NTLA in biotech land may fit the bill for a long if biotech gains more than just a one-off squeeze on the day. On the daily chart, below, with some more volume coming in today a move back over $27.60, then $28, would be of interest long. 

It is a go-with-the-flow type of market. And we are doing just that in lieu of lamenting the seemingly random gaps. A slew of tech-related plays are also still basing out very well and worthy of attention on the long side.