1. Despite closing a whisker beneath $120 on Friday, the iShares Russell 2000 ETF (IWM) continues to attract responsive buying any time it breaks beneath that pivotal level on an intraday basis. Monday's rally propelled the IWM back above $121, which is bullish. But any value shift and session close of more than $0.25 to $0.50 beneath that $120 figure would have me avoiding the IWM on the long side.
2. As with most commodities, light crude oil enjoyed a rare up day on Monday. However, with the contract still closing beneath all short-, intermediate- and higher-timeframe moving averages, I can't see how this instrument can be labeled as anything but bearish. Scalp it long on a day-timeframe basis, if you like. But on a multi-day or longer timeframe, recognize which way the moving averages are trending. The bear trend in crude oil is not something I expect to reverse after a single session of bullish price action.
3. GoPro (GPRO) is once again threatening to break above $65. This has been a big level for the stock over the past few weeks, and you can bet a wide-ranging bar close above that level will attract a lot of attention. Despite my lack of interest in the product, this is not a stock I'd want to be short.
4. Related to GoPro is Ambarella (AMBA). Having received a few questions on this stock over the past few days, I thought I'd offer a quick comment. Ambarella's pattern isn't quite as tight as GoPro's, but the stock is doing just fine. From a trading standpoint, I wouldn't want to be long beneath $105. As long as that level holds, I suspect this stock has a shot at testing the $130 level in the near future.
Any trading or volume profile related questions can be posted in the comments section below, emailed to me at firstname.lastname@example.org or posted to my twitter feed @ByrneRWS