Underwater Green

Valeant is looking to punish some overly-ambitious shorts this morning, with VRX up nearly 15% as I write this in a flattish broad market trading session, thus far. 

On the 30-minute chart, below, note that price is back up to what should be an initial difficult level. Above $31.50 today, and I suspect we could see a continuation of a squeeze. Of course, VRX is prone to nonstop halts and surprise announcements. So this idea is only for the most aggressive and disciplined of traders. 

Elsewhere, AMZN is lagging again while PYPL attempts a breakout higher. But if the market indices remain in drifting mode, as they are now, we may see both of those respective moves blunted for now. I am also keep an eye on TSLA for some signs of short-term buyer exhaustion, with this morning's gap up after a very steep multi-week squeeze.