The Nasdaq Composite is ensconced in a five-day trading range that sits on top of its prior five-day range. Volume remains light, with turnover on the Nasdaq market below average for a dozen straight outings. Of course, the question, as always, is what happens from here? While no one owns a crystal ball, a stock tends to retrace one-third to two-thirds of its preceding advance. The following chart shows how a one-third retrace of the move off the Oct. 15 low (point "A") and up to Tuesday's high ("B") would take price to point "C." This happens to be a level that corresponds to the 50-day moving average. Chart created using TradeStation. ©TradeStation Technologies, 2001-2014. All rights reserved. Speculators with long exposure should certainly be aware of the possibility of price declining to this area in a garden-variety, 3%-5% general market reaction. This could easily translate to a setback of 10%-12% or more in some of the market's leadership. Meanwhile, one market segment that always bears watching is the liquid glamours. These titles are expected to show robust earnings growth during the current and upcoming fiscal years, possess deep liquidity, and enjoy good relative price strength. Apple AAPL, +1.43% lost its liquid-glamour status when its estimated earnings growth dropped from 20%-plus to the vicinity of 10%. This occurred just prior to its top in late 2012. Recently, the technology leader has seen most Wall Street analysts bump up their earnings-growth estimate for the September 2015 fiscal year to 20%. At the same time, the stock has come under extreme accumulation and now sports a 95th percentile relative-strength rank over the past year. AAPL does not currently offer attractive entrance, but can be monitored for one to materialize. Facebook FB, +0.37% has seen its 2015 earnings estimate lowered to 13%, per most analysts who follow the social-media kingpin. This compares to a 90% growth rate forecasted by the Street for 2014. Thirteen percent is well below the threshold that would define a liquid glamour. This lower expected rate of growth likely explains the reason why the stock is trading at the same price as it did in March of this year. It is under solid distribution (institutional selling) and trades at 2.9 times its 2015E growth rate of 13%, a rich multiple for a stock that has seen better days (at least for now). Chart created using MarketSmith. ©2014 MarketSmith Incorporated. All rights reserved. Netflix NFLX, +1.39% despite a Street estimate of 40% earnings growth in 2015, is under solid distribution since its 19% decline on five times average daily volume on Oct. 16. This is another "avoid." Chart created using MarketSmith. ©2014 MarketSmith Incorporated. All rights reserved. Linkedin LNKD, +0.31% shows Street earnings growth estimates of 20% for this year and 44% for 2015. This type of estimate acceleration is always a plus. Technically, the social-media platform is under mild accumulation as it digests its 13% surge on Halloween. This bears watching, but not participating in until things level out. Chart created using MarketSmith. ©2014 MarketSmith Incorporated. All rights reserved. The conclusion in this corner is that prominent liquid glamours are mixed with a negative bias. Given the generally positive demeanor of the rest of the growth complex, and the upright behavior of the averages, this is not a loud negative for market health. Among the names, Live Nation Entertainment LYV, +2.01% promotes concerts and theatrical presentations at about 148 different venues. After losing two cents a share in 2013, most analysts eye two cents a share in profit this year and a 20-cent-a-share profit in 2015. Technically, the stock broke out of a four-month base on Oct. 31, as price rose 4.6% on volume more than triple the average. Since then, price has been hewing to a tight range as volume has quieted. This range is also a "three weeks tight" pattern. An aggressive speculator might consider taking the stock above its high of 26.92, which is the peak of the current three-week shelf. Chart created using MarketSmith. ©2014 MarketSmith Incorporated. All rights reserved. The averages and most leading growth stocks hold up in healthy fashion. The speculator has a reasonable menu of choices from which to choose. Next week is historically positive for shares. Kevin Marder