GoPro Inc (NASDAQ: GPRO) shares are trading higher by $0.65 at $18.66 in Monday's session. Investors choosing this issue for a "January Effect" play are being rewarded despite a rout in the broad market.
The January Effect can be summarized as an investment strategy that calls for a rally in issues that were dropped in price in December (tax-loss selling or to offset capital gains), that will increase once that selling has abated.
After a lower open, it immediately bottomed at $17.50 and has reached $18.79 so far in today's session. If the rally continues, there may be additional resistance at its December 28 high ($18.98).
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