GoPro Heading Underwater

One "tell" that momentum in a bull market is running low is when we see the recent-IPOs begin to lose their luster. Names like LOCO MBLY have been good example of this phenomenon of late, even if DGLY is rallying with headlines. GPRO is another example of a hot recent-IPO which has been soft even as the market made it way back to the highs in over the past few weeks. This is still a young chart, so it is tough to say it is simply consolidating within an uptrend. If we see GoPro hold under $72 I suspect the selling should intensify in the coming sessions, perhaps leading to a breakdown below well-defined support. Overall, in terms of the premier names like AMZN FB GOOG NFLX PCLN TSLA, even junior names like P TWTR YELP, I would describe the action as a mixed bag, with plenty of corrective charts among those names. Financials such as GS MS represent the bull case for continued rotation.