Imitation is the Sincerest Form of Flattery

With another benign open this morning, it is worth considering that we could easily be at a phase in this rally where the most downtrodden, left-for-dead high beta names suddenly reverse higher and trap latecomer shorts. 

Fitbit is one such idea, on the first daily chart, below. Note FIT has reclaimed its 200-day moving average and continues to operate above that yellow line, even as AAPL has announced competing products and software. A move back over $6.70 now could easily ignite a fresh squeeze higher. 

And there have been numerous articles of late about how Facebook has essentially been copying Snapchat on many fronts. As the say, imitation is the sincerest form of flattery. And SNAP, second daily chart, below, may finally get a long overdue post-IPO rally over $15. It is hard to see FB copying SNAP without the market eventually giving at least some due to SNAP.