This is for Fighting This is for Fun

As noted earlier, we took profits in SWHC for Members early on the long side as they trade higher this week. However, with the bullish action in RGR SWHC becoming widely-discussed now across all forms of media, we could easily see a short-term shakeout before they go higher yet. We are opportunistically stalking a reentry now in the coming days and weeks, as the firearms stocks are capable of trading oblivious to the broad market, not unlike the Ebola stocks in the autumn of 2014. 

Regarding the broad market action today, thus far, we have an "inside day" for the most part. As you can see on the updated IWM ETF 15-minute chart, below, the small caps have been consolidating well within yesterday's price range. Similar comments apply to the Dow and the S&P. I will discuss what that means for Members in my usual Midday Video. But, generally speaking, inside days are for fighting, not for fun. 

In addition, reversals back to red in GPRO FIT MBLY SHAK TWTR illustrate the ongoing issues with declaring bottoms to broken high beta, momentum names, with plenty of trapped longs from above likely providing resistance to any and all rallies.