Jan 16 2018 - Stocks Reverse Off Highs But...

Stocks gapped higher coming out of a three-day weekend and the bullish euphoria lasted about 25 minutes before the rally ran out of steam and profit taking set in. The result of the 'big reversal' still has the major index ETFs like SPY, DIA and QQQ above their short-term 5-day EMA. The bears had a shot to make it more interesting but once again failed to make any technical damage occur.

If Wednesday leads to more selling, we'll want to keep an eye on the 20-day EMA as a measuring stick to see if the bears are starting to gain an edge.

We also discuss $VIX, MRK, SBUX, AAPL, FB, AMZN and more.

Have a great day!

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