When a stock gaps up and stays above the EMA’s the first 30 minutes of trading, it usually is a good buy when it pulls back to the EMA. But the previous trading day was a large bear trend day, and many times the next day is a small range inside day. On small range inside days, it is usually better to buy stocks that are down on the day, and short stocks that are up on the day, since it is not likely to be a trend day. Sure enough, CLF faded after the first 75 minutes of trading and did not bounce off the EMA.