Today is one of those days where I'm so busy trading some great action that I don't even look at the indices. All the senior indices are slightly down to flat and look quite lifeless. Breadth is also slightly negative with around 3500 gainers to 3900 decliners, but there are nearly 300 stocks hitting new 12-month highs.
Once again, the action in this market is in sectors and themes. The stock picking action is very strong, especially in the cannabis sector. The group has already been running hot, and it received an additional boost this morning with the takeover of GW Pharmaceutical (GWPH) .
I've been focusing primarily on Multi-State Operators (MSOs) like Cresco Labs (CRLBF) and Green Thumb Industries (GTBIF) , but some brokers like Robinhood and WeBull restrict buying of OTC stocks. Also, some funds are restricted as well, so they are chasing names that don't have restrictions, like Aphria (APHA) and Tilray (TLRY) .
There is also some good action again in bitcoin and bitcoin stocks like Marathon Patent (MARA) , but mostly there is a lot of speculative money moving around and looking for a place to go. The social media short squeeze play may be over, but there are still plenty of small traders looking for some action. That liquidity is what is driving the stock picking and is not at all correlated with the indices.
One new buy I added this morning was Synchronoss Technology (SNCR) . The company offers personal cloud storage through several cellular carriers. It had a setback when its CEO was fired in a harassment scandal but looked to be back on track operationally. It has raised guidance recently and will likely do some refinancing of high-interest rate debt that will be quite helpful. I have a position and will be adding to it as it develops further.