The broad market is still grappling with yesterday's FOMC policy, but under the surface, there continues to be good interest in stock picking. The Nasdaq and Nasdaq 100 are in positive territory, and breadth isn't too bad, with around 3300 gainers to 4200 decliners. It is notable that there are only around 133 names at new 12-month highs, but that is primarily due to pullbacks in oil and commodities that have been hitting new highs recently.
The small-cap action on my screens is positive, and that reflects the fact that traders are considering the individual merits of stocks rather than buying or selling in correlation with the indices. Stocks with good charts, good fundamentals, and good stories are attracting buyers.
Some of the bigger cap growth names I like right now include Upstart Holdings (UPST) , DermTech (DMTK) , and TaskUs (TASK) . The fact that these sorts of stocks can buck the weakness in the S&P 500 and DJIA makes me bullish about stock picking.
Some of the other small-caps that I'm watching right now include Forte Biosciences (FBRX) , GAN Limited (GAN) , Blade Air Mobility (BLDE) , Elys Game Technology (ELYS) , Aurinia Pharmaceuticals (AUPH) , AMMO (POWW) , ASLAN Pharmaceuticals (ASLN) , Enthusiast Gaming Holdings (EGLX) , CM Life Sciences (CMLF) , and Personalis (PSNL) .
We have the usual 'big picture' bears telling us that the market is overvalued and people are stupid for buying, which helps to build that 'Wall of Worry' for us to climb. Focus on the price action - which is looking good in many stocks -and avoid the hopes and dreams of the perma-pessimists.