1. With the caveat that I find it incredibly difficult to trust this market, I'm beginning to warm to Ambarella (AMBA). The stock has struggled with the $60-$61 area several times over the past month, but as that zone is cleared I think it has a shot at some decent upside. As prices hold and close above $61 I would begin looking for a move toward $75. And as far as a "cut bait" level is concerned, I wouldn't want to see a close back under the 50-day simple moving average (SMA).
2. Light crude oil bulls continue to learn an important, yet painful lesson. During powerful bear markets, support levels are of little use. Price must be auctioned low enough to cut off supply. And that is something that has clearly not yet occurred.
3. In recent days, I've heard quite a bit more chatter about the continued weakness in shares of the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and SPDR Barclays High Yield Bond ETF (JNK). Perhaps this is an indication that selling in junk has become a little too obvious.
4. The iShares Russell 2000 ETF (IWM) continues to attract buyers just beneath its 50-day SMA, and against an uptrend line dating back to Oct. 6. In a nutshell, I favor looking toward the IWM for long, day timeframe opportunities as long as the ETF continues to close above approximately $112-$113. Beneath that area and I'm afraid the bulls are in serious trouble.
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