This Will Do for Now

Consistent with a slow week leading up to a major holiday, markets continue to drift despite the ballyhoo about "Dow: 20,000."

GoPro is finally gaining ground today on the back of a rumor that KKR is an interested suitor. Regardless of whether the rumor comes to fruition, GPRO is certainly capable of a quick holiday long scalp to squeeze shorts after an endless prior downtrend. 

On the 30-minute chart, first below, bulls need this thing at least above $9.45 to have a fighting chance for that to happen. 

Stepping back a bit, into the new year I am a bit more interested in BABA now. Since correcting from late-September, the high beta China internet play has sucked in a fair amount of longs as it kept going lower.

But today BABA is gapping down to oversold and trying to reverse off its 200-day moving average, on the daily chart, second below. I am looking for signs of stabilization into the end of year before stepping in. Either way, this is a fairly-defined battleground to now observe.