Bringing Home the Bacon with These Two Ideas

I am skeptical of the market bounce so far, as it has the hallmarks of a temporary relief rally. The Russell 2000 Index closing over 1,190 would change that thesis to be more bullish, though. In the meantime, if the market rally continues I still have my eye on RRGB, one of the better casual dining long setups. On the first daily chart, below, note that a move over $72.60, then $73 would likely set in motion a breakout short squeeze for this low-floater with numerous shorts. And on the short side, GPRO has been a consistent short setup I have charted for a while now. On the second daily chart, below, while it is now too late to short this one, it is a good educational lesson in seeing a series of lower highs (dating back several months) place pressure on the well-defined horizontal support, leading to the breakdown.