Negotiating Overhead Danger

Perennial high beta heartbreakers FIT an GPRO are enjoying furious short squeezes into today's broad market rally, once again offering hope for trapped (and bottom-fishing) longs. 

FIT is an name we will look at for Members in the full recap tonight, but GPRO offers up a rather pronounced chart setup, seen below on the daily timeframe. 

Note the $14.32 level on GoPro, dating back to a massive gap lower from January of this year. Price has memory, and this level is not important because I say so but, rather, because the market has indicated its significance through the price action. 

Bulls climbed well above that gap in August, but then fell below it after Labor Day. If they can now reclaim it, something which appears to be just out of reach for today, I would add more credence to these squeezes as being part and parcel of a large bottoming process in lieu of one-off squeeze-A-ramas.