Shaking off the Facebook Warts

Despite glaring weakness in the likes of FB and TSLA today, bulls are putting up a decent fight this afternoon as the Nasdaq withstood a mid-morning fade and is not too far from retesting session highs as I write this. 

While it remains true that the 30-minute timeframe charts of the major index ETFs (DIA IWM QQQ SPY) are far from wildly bullish and, in fact, still look corrective, the reality of corrective markets is that we often seen violent price swings which of course includes powerful rallies. 

I continue to tread very lightly in my trading account, sticking with the bull gold miner thesis and looking to add more exposure there if GDX can clear $23 sometime soon. 

However, if bulls can put together some back-to-back strength early this week it will be hard for me to resist a long setup like Veeva Systems, an intriguing healthcare IT play with a very strong daily chart, seen below.

VEEV has suffered no damage of which to speak, still in a strong uptrend and consolidating about as quietly as a stock can. Note how price essentially waited for that 20-day simple moving average (orange line) to rise up to meet price. You are talking about a growth stock at the cross-section of some hot fields (the cloud, healthcare), and potential takeover target, to boot. 

More in my usual Midday Video for Members.