A Quick Run in the Snow
A post-Fed hangover combined with the NCAA basketball tournament tipping off is likely adding to the pedestrian action into the early-afternoon.
Thus far, bulls are putting up a fight around the $238 area on the SPY, ETF for the S&P 500 Index, which roughly equates to 2380 on the S&P cash. I am trying not to over-trade or overanalyze this type of action since, again, it could simply be a routine pause before we push higher yet.
Below the surface, I will highlight some intriguing plays acting rather well for Members in my usual Midday Video.
But in the meantime, the GPRO move is obviously giving trapped longs a good deal of excitement today and a much-needed sigh of relief. If you have been flat on the name, though, the overall chart still needs plenty more rallying and time to heal.
If you are a day-trader, however, a move back over $8.50 today may yield a long scalp setup.
On the GPRO 30-minute chart, below, note the falling action intraday since the opening spike. Another push higher this afternoon should give a quick run in the late-winter snow for active longs.