Dressing Up New Leaders

Whether it be the likes of Alibaba, Square, NVIDIA, or Applied Optoelectronics, bulls sure can point to some emerging new leaders in the market. 

PayPal, along the lines of Square, is right there, too. And with this morning's upgrade we can see PYPL attempting to clear $55 for a fresh breakout higher into a sluggish summer morning tape. 

Thus, in lieu of sweating every tick in TSLA as it finally corrects after a powerful multi-month rally, we have our eyes and ears peeled to these new leaders, among others. If bulls can keep the tape together, meaning small caps hold the line and eventually break higher, and energy eventually stops going down, then a stock like BABA likely explodes higher as it is merely marking time right near recent highs as we speak. 

As for those small caps in the IWM, we have Members keying off its 50-day moving average, just below spot price, as a good litmus test to see if buyers are still able to stave off any breakdown attempts.