Day Two

Headed into the closing bell of a choppy Tuesday session, small caps in the IWM ETF for the Russell 2000 Index continue to stave off bears' attempts at reversing us lower for any noteworthy period of time. Unless and until that changes, it is tough to have conviction on the short side. 

That said, the more seems much more narrow than it has been at various times during the melt-up--For every one FUBO which is surging 30% today after a sharp correction, there are plenty of names sleepwalking through the day. 

As for TWTR, consider this a friendly reminder that this is day two of what we often call the "three day rule," where a stock suffers at the hands of a fairly unexpected and shocking event. I expect TWTR to still be a major force over the long run in spite of management's mishaps. 

After the three sessions have concluded, it is often a better spot to gauge whether sellers are dried up in the near-term. Here, TWTR is dipping just above a major $45/$46 breakout point. Holding that area, while not absolutely necessary, would be a positive sign going forward.