It's All About the Benioffs

Summer trading is in full effect today, with the indices meandering slightly above and below the flatline for much of the action thus far.

Below the surface, leaders like TSLA are faring well, as dip-buyers have showing confidence to step into weakness. Small caps are giving back some of last week's gains. However, the pullback can best be described as contained and not a fumble by bulls, especially if $138 continued to hold as support below, let alone $139. 

In terms of fresh setups, quite a few monsters like SQ could use a rest. But the lack of a pullback in a  name like Square even from overbought conditions seems to indicate unique strength and tends to be very bullish over the next few months, even if chasing it here is a bit too loose.

Therefore, I am looking to see if any new marquee leaders emerge. A name like CRM seems ripe, under the leadership of well-connected CEO Marc Benioff. Salesforce is at the cross-section of several hot industries and could easily see a boost this summer, just when it seems as though many had forgotten about it amid the "FANG" craze.

But as the daily chart, below, indicates, CRM is breaking out of a massive consolidation and may have some unfinished business yet. 

More in my usual Midday Video for Members.