Buy the Dip or Watch the Drift

An opening gap higher after yesterday's weakness jives with the idea of an, overall, indecisive market headed into plenty more significant earnings, a General Election, big year-end Fed decisions, and unknown geopolitical developments.

Netflix clearly helps the bull case in the near-term, with its monstrous earnings gap higher taking it back to its January highs, seen below on the daily timeframe. The issue with NFLX now becomes whether it can reassume its leadership reigns along with AMZN FB GOOGL, even PCLN, since we know other leaders like CMG TSLA UA have failed on hard times technically. 

Despite the gap higher, though, I see the S&P 500 Index is still struggling to recapture its 2145-2150 range, previously broken--Note how this morning's high, so far, failed just below 2145. 

Whereas buyers used to often step in aggressively on the first dip after a morning gap higher, we now have a gap-and-drift theme frequently taking shape, with market players waiting a bit longer to see if the coast truly is clear, which again drives home the idea of indecision all over the place. 

In light of this indecision, we continue to stay opportunistic and pursue off-the-beaten path ideas for retail traders, such as other markets beyond equities.